Bitcoin tests $75,000 as whales add 270,000 BTC

Bitcoin tested $75,000 after large holders accumulated roughly 270,000 BTC over the past 30 days while inflows to exchanges climbed, raising selling pressure on recent gains. On-chain data shows exchange inflows reached peaks near 11,000 BTC per hour, a rate not seen since December.

Institutional demand has been driven by U.S.-listed spot bitcoin ETFs. Daily ETF inflows recently ranged between about $200 million and $450 million, supporting a rise from near $71,000 into the mid-$70,000s. At the same time, exchange reserves are at their lowest levels since late 2017, reflecting a longer-term reduction in coins held on exchanges.

Large-address accumulation over the past month is the most active seen since 2013, according to on-chain measures. That accumulation coincided with greater transfer of coins back onto exchanges as prices approached the mid-$70,000 range. Transferring assets to exchanges is commonly followed by selling activity; order book snapshots show concentrated sell liquidity between $75,000 and $76,000.

Short-term holder metrics provide additional context. The realized price for short-term holders is about $76,800, which represents the average cost basis for recent buyers. Market data shows buy-side support clustered around $71,500. Price has held above $74,000 in recent sessions, a level traders cite as important for maintaining upward momentum.

The market currently shows both signs of tightening supply and signs of distribution. Fewer coins on exchanges and heavy accumulation by large holders indicate reduced readily available supply. At the same time, increased exchange inflows and clustered sell orders near recent buyer cost bases indicate higher short-term selling activity.

Data points recorded in recent days include the estimated 270,000 BTC added by large addresses in 30 days, exchange reserves at multi-year lows, ETF inflows typically between $200 million and $450 million per day, and exchange inflows spiking to about 11,000 BTC per hour at peak levels. These metrics reflect the current balance of institutional buying and increased selling pressure as bitcoin trades in the mid-$70,000 range.