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Steve Muchoki
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Key Notes
- Bitcoin price must reclaim above $100K as a support level to invalidate potential selloff to $91K again.
- The US spot BTC ETFs registered a net cash outflow of $186 million on Monday, led by Fidelity’s FBTC.
After establishing a solid support level of around $96.4K in the past week, Bitcoin price BTC $84 441 24h volatility: 0.8% Market cap: $1.68 T Vol. 24h: $26.00 B rallied nearly 2 percent in the last two days to trade slightly above $98K on Tuesday, February 11, 2024, during the mid-London session. The flagship coin could be on the cusp of starting a fresh bull run beyond $109K in the near future toward a new all-time high.
Furthermore, Bitcoin price has been in the price discovery phase of the 2024/2025 crypto bull cycle since the re-election of US President Donald Trump. From a technical analysis standpoint, Bitcoin price is on the cusp of a thrilling phase of the macro bull rally akin to the February 2021 outlook.
However, the BTC price must consistently close above the resistance level of around $100K to invalidate potential selloff towards the support level of $91K.
Bitcoin Price Reacts from Mixed Whale Activities
Bitcoin price has heavily benefited from the heightened demand from institutional investors in the past and soon nation-states. Strategy (NASDAQ: MSTR) resumed its Bitcoin accumulation pace after pausing for one week, whereby it acquired around 7,633 BTCs in the past week.
Metaplanet announced on Monday plans to raise ¥4 billion through a bond offering to accumulate more Bitcoins. According to on-chain data analysis from Cryptoquant, the supply of Bitcoin on Over-the-Counter (OTC) has dropped from around 480k coins in September 2024 to about 146k units today.
Bitcoin OTC Desk balance is declining sharply
“In September 2021 the OTC desk balance was around 480k BTC and today it sits at 146k BTC left.” – By @Darkfost_Coc
Read more 👇https://t.co/RCNlSeauDT pic.twitter.com/S0P2jLu8ta
— CryptoQuant.com (@cryptoquant_com) February 10, 2025
Meanwhile, Bitcoin supply on centralized exchanges has surged by around 31k coins in the past 30 days to about 2.22 million. The recent rise in BTC supply on CEXes could be largely attributed to the cash outflows from the US spot BTC ETFs.
According to market data from Sosovalue, the US spot Bitcoin ETFs recorded a net cash outflow of about $186 million. Although BlackRock’s IBIT continued with its BTc accumulation, the notable cash outflows from Fidelity’s FBTC and Grayscale’s GBTC resulted in net cash outflow from all the spot BTC ETF issuers.
Altseason Reckoning
As Bitcoin price signaled the onset of bullish sentiment, the altcoin industry led by layer one (L1) coins such as Cardano ADA $0.65 24h volatility: 0.2% Market cap: $23.53 B Vol. 24h: $603.14 M , Toncoin TON $2.90 24h volatility: 4.2% Market cap: $7.20 B Vol. 24h: $186.78 M , and Ethereum ETH $1 623 24h volatility: 1.4% Market cap: $195.92 B Vol. 24h: $11.01 B followed the same trend. The improving regulatory landscape for digital assets in the United States has attracted more institutional investors.
For instance, Binance and the US SEC filed a joint motion to pause the case for 60 days. Additionally, Grayscale Investments filed with the US SEC to list a spot Cardano ETF on the NYSE.
With most of the altcoins still heavily undervalued against their respective Bitcoin pairs, more whale investors have been betting on an imminent altcoin rally ahead.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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