Bitcoin Accumulation by Large Holders Continues Amid ETF Outflows

On April 30, Bitcoin's price briefly fell due to a net outflow of $56.23 million from US-listed spot Bitcoin ETFs, the first in two weeks. This was primarily driven by Fidelity’s FBTC and Ark & 21Shares’ ARKB counteracting BlackRock IBIT’s $267 million inflow.

Key points include:

Bitcoin price dropped to around $93,000 but recovered to approximately $95,000.
The Bitcoin Accumulation Trend Score is nearing 1, indicating significant buying activity among larger holders, with whales accumulating over 43,100 BTC from April 13 to 27.
BlackRock’s IBIT acquired over 25,430 BTC worth about $2.4 billion last week, increasing its total holdings to 601,209 BTC.
Long-term holders are currently experiencing a “denial” phase according to the Net Unrealized Profit/Loss (NUPL) metric.
The Bitcoin MVRV ratio is approaching the 1-year Simple Moving Average, which may signal potential bullish momentum if crossed.
Failure to maintain support at $93,198 could lead to price retracement towards $83,444.
Current MACD trends show bullish momentum; however, flattening histogram indicates possible weakening if volume does not increase.
Sustaining above the Realized Warm Supply level of $94,550 may indicate mid-term holder support, with potential upward movement toward $100,000 if prices close above $95,870.

BTC price chart | Source: TradingView