Bitcoin continues to hover around the $66,600 mark, exhibiting a period of volatility and subdued market activity ahead of the extended holiday weekend. With many investors and traders taking a step back, the market has seen a distinct shift: buyer participation has declined, granting greater influence to sellers in the short term and sharply reducing overall trading volumes.
Increase in institutional buying amid waning overall demand
Recent weeks have seen a renewed focus on exchange-traded funds (ETFs) and corporate investment in the cryptocurrency sector. In the past 30 days alone, ETF inflows have approached 50,000 Bitcoin—its highest level since October 2025—while strategic investment firms have accumulated 44,000 Bitcoin over the same period. Despite these signs of institutional confidence, overall demand has not kept pace, as selling by other investors has largely offset the impact of institutional purchases.
According to data provided by CryptoQuant, major market players holding between 1,000 and 10,000 Bitcoin in their exchange wallets have shifted to net selling. Over the past year, the combined balance of these large investors fell from 200,000 to 188,000 Bitcoin. Meanwhile, mid-sized investors have also significantly slowed their rate of accumulation. Evidence from the Coinbase exchange, where Bitcoin trades at a discount compared to other international exchanges, further signals subdued spot market demand in the United States.
Liquidity gap and macroeconomic stressors
With the holiday weekend prompting a freeze in CME futures trading and ETF flows, a key pillar of institutional demand has temporarily faded from the market. The slowdown in corporate activity has shifted the focus back to the spot market, where the absence of this support has made Bitcoin prices more vulnerable to selling pressure, particularly as liquidity thins out.
Market maker Enflux, based in Singapore, has attributed the current price fluctuations within Bitcoin’s range to evolving expectations around interest rate cuts. Notably, the U.S. ISM price index climbed to 78.3 in March—the highest since June 2022—leading many to temper their expectations of near-term rate reductions, a shift that has reverberated through the cryptocurrency market.
The last week of March saw net outflows from ETFs totaling $296 million, while only a limited amount of new capital entered the market in early April. CryptoQuant suggests that, in the short run, Bitcoin’s attempts to stage a rally could meet strong resistance between $71,500 and $81,200. This range has repeatedly served as an upper barrier during recent bearish phases, consistently capping upward moves.
All eyes are now turning to upcoming U.S. inflation data. The core PCE (Personal Consumption Expenditures) figure for March, set for release on April 9, will be closely watched. Should this number come in above the 3.1% increase recorded in February, analysts anticipate a further decline in expectations for policy rate cuts—a development that could place additional downward pressure on Bitcoin.
Enflux emphasized that institutional trading is increasingly driven by macroeconomic indicators and portfolio management strategies, while spot demand remains sluggish.
