K33: Bitcoin Consolidation Releases Bottom-Building Signal, Selling Pressure Retreat May Initiate Structural Reversal

Odaily Planet Daily News: Cryptocurrency research firm K33 states that Bitcoin has recently been consolidating, which may indicate a shift in market structure. As selling pressure weakens, the market could gradually approach a cyclical bottom. K33 research director Vetle Lunde points out that Bitcoin has been fluctuating mainly between $60,000 and $75,000 in recent weeks. This range, accompanied by stable ETF fund flows and long-term holder behavior, is often seen as a “market bottoming” characteristic. The current low around $70,000 is attractive to medium- and long-term investors.

The report shows that since late February, Bitcoin ETF fund flows have shifted to a mild net inflow, suggesting that the phase of concentrated distribution since the all-time high may be nearing its end. Previously triggered profit-taking and passive selling due to falling below cost basis are weakening, and supply pressure is decreasing as prices decline. Regarding long-term holders, the supply of coins held for over six months has rebounded after a significant decline at the end of 2025, indicating that investors are more inclined to hold rather than sell in the current price range, helping to stabilize prices.

However, the macro environment remains uncertain. Middle East geopolitical conflicts and oil price volatility, combined with the Federal Reserve’s hawkish stance, suppress risk appetite and limit new capital inflows.

Derivatives data also reflect cautious market sentiment: Bitcoin perpetual contract open interest is near its lowest level of the year, and funding rates remain negative, indicating weak bullish demand. Meanwhile, CME futures positions are roughly stable, with institutional traders generally remaining on the sidelines. Nevertheless, K33 believes that the combination of waning selling pressure, steady ETF fund flows, and price range consolidation suggests the market may be transitioning from a distribution phase to a bottoming phase, although short-term upside remains constrained by macro factors. (The Block)