Bitcoin pushed through $77,000, trading at $77,788, a 1.4 percent gain over the last 24 hours. This rally occurred as spot Bitcoin exchange-traded funds recorded over $2 billion in net outflows in the past week, marking the largest seven-day withdrawal since the market correction in March.
On-chain data from Glassnode indicates accumulation by wallets holding 1,000 to 10,000 BTC. These whale addresses collectively added 28,000 BTC to their holdings over the last five days, a clear reversal from distribution trends observed in April. This direct buying on exchanges and through OTC desks bypasses the regulated ETF products, suggesting a preference for direct custody among large-scale investors. BlackRock's IBIT saw its first net outflow day last Tuesday, indicating a shift in institutional flow dynamics.
The derivatives market continues to show strong bullish sentiment, underpinning the spot price action. Bitcoin open interest on major exchanges reached $38 billion, approaching its all-time high set in Nov. 2024. Funding rates for perpetual futures remain positive across the board, indicating traders are actively paying to maintain long positions. This sustained premium for long contracts suggests conviction in further price appreciation among leveraged traders.
The resilience of Bitcoin's price action during ETF outflows highlights a divergence in institutional strategies. While some institutions are exiting via ETFs, a distinct cohort is accumulating directly, indicating a two-tiered market. Ethereum also showed strength, rising 1.3 percent to $2,139 over 24 hours.
This sustained buying pressure from direct holders and derivatives traders indicates a strong floor for Bitcoin prices. The market's ability to absorb large ETF liquidations suggests that long-term conviction remains high among institutional buyers choosing direct exposure over regulated products.