Bitcoin is fluctuating around the $66,600 level. With the long weekend approaching, it seems that buyers are falling further behind in the market. While this situation increased the influence of sellers in the short term, it also led to a significant decrease in transaction volume.
Increase in corporate purchases, weakening in general demand
Recently, ETF and institutional purchases have attracted renewed attention in the crypto market. Over the past 30 days, ETF purchases have reached nearly 50,000 Bitcoins, the highest level since October 2025. Strategy companies also accumulated 44,000 Bitcoins during the same period. However, despite this, the decline in total demand continues; sales by other investors dwarfed the impact of corporate purchases.
According to CryptoQuant, large investors traded on exchanges and holding 1,000 to 10,000 Bitcoins took a net selling position. The balance of these wallets in the last year has decreased from 200,000 to 188,000 Bitcoins. In addition, medium-sized investors have seriously slowed down their purchases recently. The fact that the price of Bitcoin traded on the Coinbase exchange is discounted compared to other global exchanges reveals that spot demand in the USA remains weak.
Liquidity gap and macroeconomic stresses
The cessation of futures and ETF flows in CME due to the long weekend in the markets brought about a major shutdown of institutional demand, which forms the basis for the Bitcoin price. Thus, with the loss of an important support mechanism for prices, selling pressure came to the fore in the spot market, where transaction volume was concentrated.
Singapore-based market maker Enflux announced that downward movements in Bitcoin’s current price range depend on interest rate cut expectations. According to the latest data, the ISM price index in the USA rose to 78.3 in March, reaching the highest level since June 2022. Accordingly, the expectation of an interest rate cut in the short term decreased and this was also reflected in the Bitcoin market.
While there was a total net ETF outflow of $296 million in the last week of March, there was a limited inflow to the market at the beginning of April. CryptoQuant notes that in the short term, Bitcoin’s bullish attempts may face resistance between $71,500 and $81,200. These levels stand out as areas where prices frequently limited increases during the last bear market.
All eyes are on inflation data from the USA. If the core PCE data for March, which will be announced on April 9, exceeds the 3.1 percent increase in February, interest rate cut expectations in the market are expected to decline further. This development may strengthen the downward pressure on Bitcoin.
Enflux emphasized that corporate transactions have become more dependent on macro indicators and portfolio management strategies, while spot demand remains weak.
