Bitcoin is testing a level that capped its rally in January
Bitcoin's rally is stalling near $75,000 as large holders begin selling into ETF demand at a key breakeven price level.Summary
Bitcoin is encountering significant resistance near $75,000, a level that previously halted its progress in January. While institutional demand via U.S.-listed spot ETFs remains steady, on-chain data from CryptoQuant reveals that large holders are increasing exchange inflows to sell their positions. This activity centers around the $76,800 realized price, where investors who were previously underwater are using the current rally to exit at a breakeven point. The market is currently experiencing a "handoff" where long-term holders distribute supply directly into the demand provided by new ETF inflows. Whether Bitcoin sustains these levels depends on whether incoming demand can effectively absorb the increasing sell pressure from these large holders.
(Source：CoinDesk)