Bitcoin Stalls Above $100K as Profit-Taking Counters ETF Demand
Bitcoin is stuck in neutral — holding above $100,000 but unable to break out — as bullish ETF inflows are met with consistent selling from short-term holders, long-term investors, and miners.
The flagship cryptocurrency has now been rangebound between $100,000 and $110,000 for 42 straight days, its longest such stretch ever. Despite tailwinds from spot ETF adoption, rising stablecoin issuance, and favorable U.S. regulatory signals, BTC continues to struggle for momentum.
ETF Demand Absorbed by Profit-Takers
According to Alexander Blume, CEO of SEC-registered advisory firm Two Prime, the market is currently balanced between two opposing forces: profit-taking by leveraged traders and steady accumulation from long-term investors.
“This kind of standoff is typical in uncertain macro environments,” Blume told CoinDesk. “It’s a stalemate between sellers locking in gains and buyers seeking long-term exposure.”
Data from Glassnode shows that short-term holders — wallets active for less than a year — now account for the vast majority of realized profits. On Monday alone, they made up 83% of realized gains, with the six-to-12-month cohort contributing over $900 million in selling pressure — the second-highest figure this year.
Even long-term holders have taken profits, though to a lesser extent. At last week’s highs, wallets that had held BTC for more than a year realized $1.2 billion in gains, though that number has since fallen to $324 million.
“ETF demand is strong, but long-term holders are taking advantage of it to offload,” said Markus Thielen, founder of 10x Research. “The result is compressed volatility and a market waiting to break out — in either direction.”
Miners Selling, But Their Influence Diminishes
Miners have also contributed to the selling pressure. According to IntoTheBlock, miner wallet balances dropped by approximately 30,000 BTC — from 1.94 million to 1.91 million — in the past three weeks.
“Miners need to regularly convert BTC into cash,” said XBTO CEO Philippe Bekhazi. “Some long-term holders also need to liquidate for liability reasons. The real question is whether there’s enough liquidity to absorb those sales without disruption.”
Interestingly, miners’ share of spot market volume is now at its lowest level since 2022, suggesting their impact on price may be diminishing relative to broader market forces.
Yield Opportunities Redirect Investor Interest
Investor accumulation, once strong during BTC’s surge off the $75,000 level in April, has noticeably slowed.
“Accumulation faded above $100K as traders began favoring delta-neutral strategies offering high yields,” said Ben Lilly, co-founder of Jlabs Digital. “With 15–30% annualized yields available, many reduced directional exposure.”
These delta-neutral strategies involve going long spot BTC while shorting perpetual futures to capture the funding rate spread — locking in yield while avoiding market risk.
Jimmy Yang, co-founder of Orbit Markets, noted that bitcoin’s growing maturity as an asset class is prompting more balanced portfolio allocation.
“People no longer expect 10x returns from BTC,” Yang said. “That’s why some long-term holders are reallocating into other assets like stocks or gold.”
Outlook: Waiting for a Breakout
Yang added that Bitcoin is likely to remain tightly correlated with traditional markets this summer.
“If equities continue pushing to new highs, BTC could follow,” he said. “But given the seasonal slowdown in volumes, things may stay quiet.”
Blume believes a short-term correction would be healthy after such a steep rally from $75,000. However, he sees strength in the market’s ability to hold above $100,000.
“We’ve had shallow pullbacks — that’s typically a bullish sign,” he noted.
According to Thielen, traders should keep an eye on the $102,000 support and $106,000 resistance levels as the next key markers for potential breakout or breakdown.
