Large Investors Accumulate BTC Amid Market Consolidation

Bitcoin's price has been consolidating within a defined range of $64,000 to $65,100 after reaching a local peak of around $66,700. According to Glassnode, despite some fluctuations, the market structure remains stable.

The derivatives market shows a slight increase in open interest, but funding rates for long positions have significantly decreased, indicating caution among traders.

Regulated investment products are seeing an outflow of funds, and weekly trading volumes on spot ETFs are decreasing. However, total institutional positions remain moderately profitable, with a decrease in total unrealized and realized losses indicating easing selling pressure from market participants.

Santiment analytics report that large Bitcoin holders continue to actively replenish their reserves, purchasing nearly 19,700 BTC over the past eight days. This trend is viewed as positive for the market, as coins are concentrating in the hands of stronger holders.