According to ChainCatcher, citing Theblock, Vetle Lunde, Head of Research at K33, noted that Bitcoin's price has been consolidating between $60,000 and $75,000 in recent weeks, indicating stabilizing trading volumes on exchange-traded products and the behavior of long-term holders. He described this price action as "typically correlated with market bottoms" and suggested that Bitcoin's price range of just over $70,000 could be attractive to medium- to long-term investors.
According to Lunde, Bitcoin ETF flows have turned slightly positive since late February, suggesting the sell-off since the record high in October may be nearing its end. He stated that the previous outflows were due to profit-taking when Bitcoin prices fell below investors' cost basis, creating a supply-demand feedback loop. However, as prices declined, the incentive to sell weakened, and demand began to stabilize.
