K33 Research: Bitcoin Enters Bottom-Building Phase, Market Gradually Shakes Off Selling Pressure

Analysis firm K33 Research states that Bitcoin’s recent consolidation between $60,000 and $75,000 reflects a slowdown in market selling pressure. As spot ETF inflows turn positive and long-term holders become reluctant to sell, analysts believe Bitcoin may be forming a market bottom.
(Background: Bernstein calls “Bitcoin has bottomed out”! Reaffirms year-end target of $150,000: this is the weakest bear market in history)
(Additional context: Despite a 40% correction, institutions are still buying! Bitcoin ETFs attracted $2.5 billion this month, demonstrating resilience far beyond the “gold crash” of that year)

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• Reduced selling pressure, ETF capital flows turn positive
• Long-term holders reluctant to sell, derivatives market cools down
• Macroeconomic uncertainties remain

Bitcoin (BTC) has been oscillating within the $60,000 to $75,000 range over the past few weeks. According to a recent report from cryptocurrency research and brokerage firm K33 Research, this prolonged consolidation may signal a shift in market structure. As selling pressure from spot ETF inflows and long-term holders gradually eases, it could be a strong sign that the market is bottoming out.

Vetle Lunde, head of K33 Research, analyzed that the current price trend of Bitcoin closely resembles characteristics of past market bottoms. He believes that, from a medium- to long-term investor perspective, Bitcoin trading below $70,000 is quite attractive.

Reduced Selling Pressure, ETF Capital Flows Turn Positive

The report details recent capital movements. Lunde pointed out that since late February this year, Bitcoin spot ETF inflows have shifted to a mild positive trend. This suggests that the intense distribution phase triggered after hitting a record high last October may be nearing its end.

Previously, when Bitcoin prices fell below certain cost bases for some investors, it triggered a wave of profit-taking and selling, creating a vicious cycle of oversupply. However, as prices continued to decline, investors’ motivation to sell weakened, and market demand began to stabilize.

Long-term Holders Reluctant to Sell, Derivatives Market Cools

Similar signs of stability are seen among long-term holders. Data from K33 shows that the supply of Bitcoin held for over six months, which sharply declined toward the end of 2025, has recently started to rise again. Lunde stated that as long as Bitcoin remains below $100,000, fewer investors will choose to liquidate at this stage, providing solid support for the current price range.

However, in the derivatives market, trading data confirms a cautious market sentiment. Currently, open interest in Bitcoin perpetual contracts has fallen to near-yearly lows, and funding rates remain negative, indicating weak demand for long positions. Additionally, institutional traders are mostly on the sidelines, and CME futures open interest remains flat, showing a lack of strong consensus to push prices higher.

Macroeconomic Uncertainties Persist

Despite internal positive signals of stabilization in the crypto market, the broader macroeconomic environment remains uncertain. Geopolitical tensions in the Middle East and rising international oil prices have increased volatility in traditional financial markets; meanwhile, the Federal Reserve continues to adopt a hawkish stance, significantly reducing expectations for rate cuts in the near term. These macro factors suppress investors’ risk appetite and limit new capital inflows into the crypto market.