Cumberland Labs Research Director Chris Newhouse stated, "While we have seen strong institutional buying pressure, particularly from entities like MicroStrategy continuing to accumulate strategically, the broader crypto ecosystem is experiencing a diversification of capital flows from both institutional and non-institutional participants."
Copper Technologies Ltd. Research Director Fadi Aboualfa said on Monday, "After six consecutive weeks of positive capital inflows, we saw a week of selling, with derivatives traders using ETF demand as a measure of macro direction. Early Bitcoin ETF investors may be keen to rebalance their portfolios as their funds have increased more than double. After all, when the market encounters psychological barriers, at least half of their investments are risk-free capital."
Vetle Lunde, Research Director at digital asset research firm K33, cited data from The Bitcoin Lab, stating, "On-chain data shows that mid-term cohorts (traders who bought BTC in the $55,000-$70,000 range) are actively taking profits, especially when BTC trading prices exceed $90,000, where profit-taking is particularly intense."
Lunde noted that this metric is an estimate that tracks Bitcoin's on-chain trends, classified by the last price. However, such a significant concentration is rarely seen within a price cohort, indicating that this group is particularly active at the current price levels.

Jake Ostrovskis, an over-the-counter trader at Wintermute, stated, "The market has stagnated over 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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