Bitcoin’s recent escalation beyond the $87,000 mark could indicate a significant shift rather than just an ordinary holiday rally, reveals a fresh analysis from QCP Capital, a cryptocurrency trading firm based in Singapore.
The firm’s analysts suggest that this surge reflects a renewed institutional interest, as recent data shows that spot Bitcoin exchange-traded funds (ETFs) experienced a turn from net outflows to positive inflows.
QCP Reports $13.4 Million in Net Inflows to U.S. Spot Bitcoin ETFs Last Week
In a research note issued on Monday, QCP analysts highlighted that U.S.-listed spot Bitcoin ETFs recorded net inflows of $13.4 million over the past week.
This was a noteworthy turnaround from the prior week, which saw a staggering $708 million in outflows, coinciding with Bitcoin’s substantial price rally during the Easter holiday.
“While crypto markets often experience low-liquidity weekend rallies, this one appeared distinct,” the analysts commented.
“Bitcoin managed to recover a significant portion of the previous selloff spurred by Trump’s ‘Liberation Day’ remarks, a stark contrast to the subdued rally typically observed in December.”
The analysts argue that this price increase, coupled with ETF inflows, could signal a resurgence of institutional demand for Bitcoin as a safe haven, particularly amidst struggles in traditional financial markets.
They pointed out that as equities pull back, gold has reached record levels, indicating a growing risk-off mentality among investors.
Nevertheless, QCP urged caution, emphasizing that Bitcoin needs to breach the $88,800 resistance level to validate a sustained bullish trend.
“We remain wary of drawing solid conclusions until Bitcoin can establish itself above this critical mark,” the report outlined.
According to Farside data, the majority of last week’s ETF inflows flowed into BlackRock’s iShares Bitcoin Trust (IBIT), which attracted $186.5 million, followed by Bitwise’s BITB with $23.8 million. Other ETFs, such as Grayscale’s mini BTC Trust, VanEck’s HODL, Invesco’s BTCO, and Franklin’s EZBC, contributed a collective $26.3 million.
New Bitcoin Holders in Profit, But $91K Resistance Keeps Sell Pressure Alive
The recent surge in Bitcoin to $87,000 has sparked a renewed sense of optimism; however, many Short-Term Holders (STHs) are still facing losses.
Data from CryptoQuant reveals that investors holding Bitcoin for less than six months are contending with an average unrealized loss of 5.18%, with their realized price around $91,000. This threshold has now emerged as a critical psychological and structural barrier in the market.
Bitcoin’s Realized Cap Hits Record High
“The rise in Realized Cap is a positive signal, showing increasing confidence in both the network and the asset, and suggesting that we may not have reached the top of the market cycle just yet.” – By @oro_crypto pic.twitter.com/Ob9ThP4k3E
— CryptoQuant.com (@cryptoquant_com) April 21, 2025
On a more positive note, new investors—those who acquired Bitcoin within the past month—have returned to profitability, currently enjoying an average gain of 3.73%.
However, challenges remain. Without a decisive break and hold above the $91,000 level, STHs will continue to feel pressure, thereby influencing market dynamics.
A failure to surpass this mark could trigger renewed selloff activities, particularly if upward momentum falters. For a genuine shift in market sentiment, establishing a clear breakout above $91K is deemed crucial by QCP.
Additionally, Bitwise Chief Investment Officer Matt Hougan recently reaffirmed his outlook that Bitcoin could reach $200,000 by the end of 2025, citing recent shifts in U.S. trade policy under former President Donald Trump’s renewed tariff initiatives as potential propellers for Bitcoin’s growth.
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