Bitcoin balances on exchanges just hit a five-year low, reported BTC financial services firm Swan on May 1.
Strategy just added 15,000 more BTC, ETFs are stacking, and sovereign wealth is circling, they observed before asking, So why isnt the price exploding?
Bitcoin has encountered resistance at the $95,000 level and has remained in consolidation there for the past week.
Swan analysts noted that some BTC is leaving exchanges for cold storage, which is bullish as it signals long-term conviction.
However, a large portion is flowing into institutional custody, such as ETFs, fund administrators, and trading infrastructure, they said before adding, The coins arent gone. Theyre just moving upstream.
Bitcoin balances on exchanges just hit a 5-year low.
Meanwhile:
MicroStrategy just added 15,000 more BTC
ETFs are stacking
Sovereign wealth is circling
So why isnt the price exploding?
Heres what most people are missing… pic.twitter.com/LG4yyex4r4
Swan (@Swan) April 30, 2025
Additionally, not all of this Bitcoin is idle, with some held passively, and some is active in structured products, yield platforms, or as collateral, which is why prices are not increasing immediately.
Bitcoin is still a market, and in markets, sellers never disappear.
Some are traders looking for short-term gains, some are long-term holders shaving off profits, and some are speculators who never understood what they bought, they said.
Commenting on Strategys recent accumulation of BTC, they said that miners produce around 13,500 BTC per month, But Strategy, using cheap debt and relentless capital, has outpaced that production for months, in a kind of synthetic halving.
Theyre not just stacking, theyre compressing Bitcoins supply curve from the outside, the analysts said before concluding:
So yes, supply is drying up. But price moves when demand breaks the equilibrium. And with infinite fiat chasing a truly scarce asset, Bitcoins next move wont be linear. It will be violent. And likely irreversible.
Analyst Rekt Capital took a stab at Bitcoins price discovery roadmap, stating that the asset is trying to finalize its first price discovery correction to transition into its second price uptrend.
#BTC
Bitcoin Price Discovery Roadmap
Bitcoin is trying to finalise its First Price Discovery Correction (green) to transition into its Second Price Discovery Uptrend (red)
(Prices and time horizons are not to scale)$BTC #Crypto #Bitcoin https://t.co/yfY3h60Ywy pic.twitter.com/yahXUIpVkY
Rekt Capital (@rektcapital) April 30, 2025
Bitcoin fell to an intraday low below $93,400 before recovering to $94,800 during the Thursday morning Asian trading session.
The asset remains tightly range-bound between $93,000 and just over $95,000, however. Nevertheless, it has gained more than 12% over the past month and strongly recovered from an early April dip to $75,000.
Bitcoin is testing key resistance at $93K$95K, breaking its downtrend and forming a higher high, reported Glassnode, which added, On-chain and technical signals show a market at a turning point.