Bitcoin Bull Market Remains Unconfirmed as Analyst Warns of Weak Spot Flows
Nicolas Søndergaard, a senior research analyst at Nansen, has warned that Bitcoin's recent price recovery lacks confirmation of a new bull market. Despite Bitcoin gaining approximately 22% over the past month and positive daily and weekly trends, several flow indicators have stopped him from declaring the start of a confirmed bull phase.
The analyst cited weak spot flows, divided whale positions, and ETF withdrawals as reasons for his caution. Nansen tracked around 3,700 BTC in net exchange inflows from labelled entities over the past week, which Søndergaard noted can precede sales. US-listed spot Bitcoin exchange-traded funds recorded around $236 million in withdrawals in the latest reading.
Large Hyperliquid whales remain heavily short as open interest falls and taker selling continues. Søndergaard stated that a price increase could force bearish traders to close positions by purchasing Bitcoin, adding fuel to an advance even without an immediate increase in spot buying. However, he emphasized that leverage-driven buying can fade after short positions have been closed.