Nansen Warns: Bitcoin Recovery Lacks Spot Flow Confirmation

Despite Bitcoin's recent 22% monthly recovery, analysts at Nansen remain cautious about declaring a new bull market. According to Nicolai Søndergaard, Nansen senior research analyst, 'the recovery is real, but spot flows haven't confirmed the bull market yet.'

The recovery has shown positive daily and weekly trends, suggesting that Bitcoin may have moved past its weakest point after a decline. However, several flow indicators, including weak spot flows, divided whale positions, and ETF withdrawals, have yet to confirm this.

Large 'Hyperliquid' whales remain heavily short on Bitcoin, while open interest falls and taker selling continues. To confirm the bull market, Bitcoin must first reclaim and hold the $77,400-$77,650 range before attempting to test the $80,000 resistance level again.