Bitcoin Price Under Pressure as Brazil Tightens Crypto Rules

• Bitcoin price stays under pressure as long-term holder SOPR remains below 1.0.
• CryptoQuant said it is still too early to call a bottom, even as US spot ETF flows rebound.
• Brazil signed a law allowing seized crypto to fund public security activity.

Flagship cryptocurrency Bitcoin is trading under pressure near $69,700 as mixed signals emerge from on-chain data, ETF flows, and new regulation in Brazil. Long-term holders remain cautious, while improving ETF demand and policy developments add uncertainty to short-term price direction.

Bitcoin Long-Term Holder Pressure Stays Visible 

CryptoQuant said Bitcoin long-term holder SOPR has moved below the 1.0 threshold. The post described that move as a potential sign of market capitulation, with even patient holders reacting to price pressure. 

The chart paired that metric with Bitcoin near the $69,700 area, which shows stress among holders who usually avoid short-term selling.

Another CryptoQuant post added a cautious message. It stated it is still too early to call a market bottom and argued that stronger confirmation must appear across on-chain data, volatility structure, and capital inflow trends. That chart indicated a weakening slope into late March, which suggests the market is still searching for a firmer base.

ETF Flows Improve: Traders Need Stronger Follow-Through

CryptoQuant also posted that Bitcoin ETF flows have started to rebound after heavy February outflows. Its chart of net cumulative inflows to US spot ETFs by year showed a deep slide early in the year, followed by a visible recovery in recent sessions. That rebound matters since ETF demand has become one of the clearest drivers of spot market support.

The same post said positive momentum needs this trend to continue if Bitcoin is going to build a stronger move. Traders will likely read that as a test of persistence rather than a full trend reversal.

ETF demand can support spot buying and improve futures exposure, but the rebound needs to hold long enough to change market behavior.

Brazil’s Policy Action Adds a New State-Level Bitcoin Angle

Meanwhile, Brazil has now signed Law No. 15.358, which allows authorities to freeze, seize, and channel crypto tied to criminal organizations into public-security initiatives. That law expands the role of digital assets in state enforcement and budgeting. It also shows that governments are treating crypto as a recoverable and usable financial resource rather than a side issue.

Brazil has also kept Bitcoin in its broader policy conversation. Lawmakers reintroduced a February 2026 proposal for a Strategic Sovereign Bitcoin Reserve that would gradually acquire one million BTC over five years. 

Related: Trump Names AI and Crypto Leaders to New Science Council