Odaily Planet Daily reported that Chris Newhouse, the research head of Cumberland Labs, stated: “Although we have seen strong buying pressure from institutions, particularly from entities like MicroStrategy that continue to accumulate strategically, the broader crypto ecosystem is experiencing a diversification of capital flows from both institutional and non-institutional participants.” Fadi Aboualfa, the research head of Copper Technologies Ltd., said on Monday: “After six consecutive weeks of positive capital inflows, we have seen a week of sell-off, with derivatives traders using ETF demand as a measure of macro direction. Early Bitcoin ETF investors may be eager to rebalance their portfolios as their funds have more than doubled. After all, when the market faces psychological barriers, at least half of their investments are in risk-free capital.” Vetle Lunde, the research head of digital asset research firm K33, cited data from The Bitcoin Lab, stating: “On-chain data shows that mid-term holders (traders who bought BTC in the $55,000-$70,000 range) are actively taking profits, with profit-taking particularly intense when BTC trading prices exceed $90,000.” Lunde noted that this indicator is an estimate, tracking Bitcoin's on-chain movements categorized by last price. However, such a significant concentration is rarely seen in a price group, indicating that this group is particularly active at current prices. Jake Ostrovskis, an over-the-counter trader at Wintermute, stated: “The market has stagnated for the past 10 days, with Bitcoin prices slightly below $100,000. Volatility has slightly compressed to the 64th percentile, while Ethereum prices remain at the 81st percentile, with a significantly higher increase.” (Bloomberg)

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