Key Points

Bitcoin's price has remained strong, surging past $71,000 in the midst of market instability.

An alteration in Bitcoin ownership has been detected, with established whales selling to burgeoning institutional participants.

Bitcoin has made a remarkable recovery, attaining levels above $71,000 despite the current turbulent market conditions.

This upward trend in BTC's price comes after a period of rapid volatility. A dispute between US exchange Coinbase and the Securities and Exchange Commission (SEC) led to BTC dropping below the critical $69,000 support level the day before.

Market Dynamics and Price Predictions

However, the decline did not last long as buyers entered the market, initiating a continuous effort to restore liquidity near record highs.

Renowned trader Skew highlighted the possibility of manipulative liquidity maneuvers causing misleading price fluctuations. He identified fresh bid support in the range of $70,200-$70,600, which was later withdrawn from the Binance order book.

Daan Crypto Trades, another trader, speculated on BTC's trajectory in price discovery if sellers are overwhelmed. He proposed that surpassing the all-time high could propel Bitcoin to the low $80K range shortly thereafter.

Shifts in Bitcoin Ownership

Apart from price movements, there have been noticeable changes in Bitcoin's ownership. Ki Young Ju, CEO of the on-chain analytics platform CryptoQuant, noted a shift in behavior among Bitcoin's largest holders.

He observed that long-term investors with significant exposure, commonly known as Bitcoin whales, have been divesting their holdings. Conversely, new participants, particularly institutions, have been steadily acquiring the available supply.

Ki highlighted that US spot Bitcoin exchange-traded funds (ETFs) are extracting billions of dollars' worth of BTC from the market daily. He concluded that veteran whales are offloading Bitcoin to fresh institutional investors rather than retail investors.

This adjustment in Bitcoin ownership has been clearly evident on-chain and may lead to a surge towards all-time highs, reminiscent of the 2017 and 2021 bull markets. Despite reaching new peaks, mainstream interest in Bitcoin has been diminishing in recent weeks.