Bitcoin’s recent rebound to $61,662 after a dip below $61,000 underscores a classic pattern: when long‑term holders step in, the price tends to recover, even if institutional players are still selling. Glassnode’s on‑chain metrics reveal that the number of wallets holding BTC for a year or more has risen, pointing to a shift in sentiment among the “core” community. For retail investors, this can be interpreted as a sign that the asset’s fundamental value is still being recognised, even if the broader market remains fearful.
At the same time, ETF outflows continue to be a concern. The fact that institutional investors are still pulling money out of Bitcoin‑related funds suggests that the broader market is still wary, which is reflected in the extreme‑fear reading on the fear‑greed index. Retail traders should keep an eye on how these two forces—long‑term accumulation versus institutional selling—balance out in the coming weeks.
With BTC up more than 5% in the last 24 hours, the current price level is a strong support zone. If the trend of long‑term accumulation persists, it could help sustain the rally. However, should ETF outflows accelerate or a new macro‑economic shock appear, the price could test the lower part of this range. Watching on‑chain activity and ETF flows will be key to gauging whether the market’s cautious sentiment will give way to a more bullish stance.