Bitcoin Trades Near $75K as ETFs and On-Chain Accumulation Rise

• BTC holds near $75K with strong ETF inflows, but price fails to clear resistance.
• Bitcoin net outflow hits 23,566 BTC (~$1.75B) in 7 days, signaling accumulation.
• Open interest rises from $21.2B to $25.3B, signaling rising leverage and higher liquidation risk.

Bitcoin is trading at $74,900 at press time, up nearly 6% on the week, after briefly touching $76,000 before pulling back. The move comes as US spot Bitcoin ETFs recorded $186 million in inflows on April 15, with BlackRock’s IBIT alone seeing $292 million in a single day. While Ethereum, SOL, and XRP ETFs added $67.85 million, $5.36 million, and $17.11 million, respectively. This shows institutional demand remains active. 

On-chain activity is rising alongside price. Daily Bitcoin transactions hit 765,130, a 17-month high, while network fees increased 4% to $153,700. Despite this, the price remains capped below the $75,000 resistance zone.

Macro Rally Lifts Equities as Bitcoin Lags

Global markets pushed higher after easing geopolitical tension between the US and Iran. The S&P 500 climbed to 6,967.38, approaching all-time highs, while the Nasdaq surged 1.96% and extended its winning streak with a 12% gain.

Asian markets followed as Japan’s Nikkei 225 broke above 58,000, while South Korea’s KOSPI jumped 3%. At the same time, macro signals turned mixed with WTI crude dropping nearly 8% below $90, while the US PPI came in softer than expected. On the other hand, treasury yields fell to 4.25%.

Bitcoin did not fully track this move as the asset continues to trade roughly 40% below its all-time high, showing a clear divergence from equities. This marks the longest decoupling from the S&P 500 since 2020.

On-Chain Data Signals Compressed Breakout Setup

Exchange data shows strong accumulation over the past 7 days, as Bitcoin netflow across exchanges reached -23,566 BTC, equal to roughly $1.75 billion, leaving trading platforms. Exchange reserves dropped from 2.729 million BTC to 2.685 million BTC over 30 days.

Sell-side pressure remains low. The Exchange Whale Ratio declined from 0.73 to 0.47, indicating reduced large-holder selling. At the same time, stablecoin reserves are rising, with USDT reserves increasing from $50.3 billion in March to $53.1 billion, adding $2.8 billion in buying power.

Leverage is building quickly, and Open Interest climbed from $21.2 billion to $25.3 billion in two weeks, while the Estimated Leverage Ratio rose from 0.22 to 0.245. 

Bears Call Bull Trap as Resistance Holds

Bearish traders argue the rally lacks strong spot demand confirmation. When Bitcoin touched $76,000, momentum indicators and new address growth remained weak.

Key resistance levels sit between $75,000 and $81,000. Without a high-volume breakout, traders expect a rejection. 

Support levels are defined between $71,656 and $67,224. A break below $73,000 could trigger a move toward $69,000. Some projections extend correction toward $60,000 in the coming months.

Related: Tim Draper Doubles Down on $250K Bitcoin Call With New 18-Month Timeline