Ahmet Bedirhan Arvas 
Although everything seems calm on the surface for Bitcoin in the crypto markets, there is a remarkable movement in the depths. With Bitcoin becoming stable above the $ 100,000 level, large investors (whales) are taking the stage again. However, this time they are acting in an unusual, quiet and strategic way.
Is the Stage in Spot Markets?
The source of the recent rise is not leveraged transactions or sudden speculative movements as many think. On the contrary, stable demand in spot markets and on-chain data are the real engines of this rise. Especially the large purchases and ETF inflows made through Coinbase constitute the basic building blocks that carry the price of Bitcoin up.
Glassnode’s data defines this rise as “organic”. In other words, the price increase is based on real investor demand rather than speculation. However, derivatives markets are only reacting this time and not determining the direction.
Bitcoin Purchases: Is the $93,000 – $95,000 Range the New Accumulation Area?
While the Bitcoin price consolidates above $100,000, a new “accumulation area” where investors are concentrated is also becoming apparent: between $93,000 and $95,000. This level corresponds to the average cost of short-term investors, namely those who have purchased Bitcoin in the last 155 days. In other words, a significant amount of purchases have been made in this area and this is now a strong technical support point.
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In past bull seasons, the market often found direction with excitement and haste. However, this time the picture is different. Investors are more conscious, more cautious and act based on technical signals. The “buy from the dip” strategy has been clearly adopted and systematic purchases are made in price pullbacks.
Daily inflows, especially in the ETF market, show that this strategy is also adopted at the institutional level. The $389 million ETF inflow on April 25 is the most striking example of this.
Is the Infrastructure Being Prepared for a Bitcoin Bull?
Bitcoin’s horizontal movement between $100,703 and $105,787 reflects a classic consolidation structure. This structure is usually interpreted as a pause phase before a strong price jump. Moreover, on-chain signals and whales’ non-aggressive but determined purchases suggest that we are in the early stages of a new bull cycle.
The invisible architects of the rise are no longer high-leveraged positions; they are actors who make strategic plans, know risk management and act with the right timing. What is driving the market up is a calm but deep wave of demand.
Current Market Data
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