K33 Research says Bitcoin’s recent consolidation in the $60,000 to $75,000 range may signal that market selling pressure is fading. In its latest report, the firm argues that mildly positive spot ETF flows and reduced selling from long-term holders now resemble conditions often seen near previous market bottoms.
Spot ETF Flows Shift Back Into Positive Territory
According to K33, head of research Vetle Lunde said spot Bitcoin ETF flows have turned mildly positive since late February. That change matters. It suggests the heavy distribution phase that followed the record high reached in October last year may be nearing an end. Earlier, when Bitcoin fell below the cost basis for part of the market, profit-taking accelerated and added to excess supply. After the pullback extended, the incentive to sell began to weaken, while demand started to stabilize.
Long-Term Holders Are Selling Less
K33’s data also shows that the supply of Bitcoin held for more than six months has started rising again after a sharp decline in late 2025. Lunde said that as long as Bitcoin remains below $100,000, fewer investors appear willing to close positions at current levels. That behavior is helping support the market in this range. For medium- and long-term investors, prices below $70,000 are looking more attractive.
Derivatives Data Still Reflects Caution
That stabilization has not fully carried over into derivatives. The report notes that open interest in Bitcoin perpetual futures has fallen close to yearly lows, while funding rates remain negative, pointing to weak demand for leveraged long exposure. Institutional traders are also staying on the sidelines. Open interest in CME Bitcoin futures is flat, showing that the market still lacks strong conviction for a fresh upside move.
Macro Risks Continue to Limit New Inflows
K33 added that broader macro conditions remain uncertain. Geopolitical tensions in the Middle East and higher oil prices have increased volatility in traditional markets, while the Federal Reserve’s hawkish stance has reduced expectations for near-term rate cuts. Crypto market internals may be improving, but those external pressures are still limiting the scale of fresh capital entering the sector.