Bitcoin Recovery Lacks Confirmation
Nicolas Søndergaard, senior research analyst at Nansen, says that Bitcoin's recent recovery does not confirm a new bull market. Despite Bitcoin gaining roughly 22% over the past month, Søndergaard points out several factors that indicate caution.
The analyst notes that spot flows have not yet confirmed the bull market, and several flow indicators remain weak. Exchange deposits can precede sales, which could limit the rally's momentum. Additionally, US-listed spot Bitcoin exchange-traded funds recorded $236 million in withdrawals during the latest reading cited by Søndergaard.
Large Bitcoin traders have not adopted one clear position during the recovery, with whales tracked across monitored addresses remaining slightly net long while holding heavy short exposure on Hyperliquid. Funding rates remain positive but moderate, indicating that traders are paying shorts without reaching elevated levels commonly associated with an overcrowded trade.