- Bitcoin holders continue accumulating above $100K, as negative netflows and reduced volatility reflect strong long-term confidence.
- Retail sentiment still moves short-term price swings, but consistent outflows signal institutional belief in long-term Bitcoin upside.
- From $15K lows to $100K highs, exchange behavior reveals a maturing market with predictable patterns and stable liquidity flows.
According to Santiment, retail crowd expectations are driving short-term Bitcoin moves. When retail bets on downside, prices tend to rise. Conversely, when they expect upside, Bitcoin often dips. This contrarian pattern reflects rising uncertainty amid global market concerns. At the same time, exchange netflows show deeper signals of long-term conviction, supporting Bitcoin’s strength above $100,000.
From July 2022 to April 2025, Bitcoin’s price journey displayed extreme volatility. In late 2022, Bitcoin traded near $15,000. Exchange outflows then surged past 90,000 BTC. Hence, long-term holders accumulated heavily at low prices, moving coins into cold storage. This marked the first sign of foundational bullish sentiment.
Source: Santiment
Mixed Flows Mirror Market Hesitation
As Bitcoin climbed to $30,000 in 2023, netflows turned erratic. Inflows and outflows fluctuated rapidly. Consequently, market participants showed mixed sentiment. Price consolidation around $25,000 to $30,000 matched the indecision. Moreover, these patterns signaled a lack of clear direction. Traders hesitated as macro pressures and liquidity risks persisted.
In early 2024, Bitcoin rallied to $73,000. At the same time, exchange inflows jumped to 30,000 BTC. This spike suggested profit-taking, mainly from institutional and retail sellers. Additionally, inflows matched previous cycles where price peaks invited exits. Distribution behavior emerged, and selling pressure increased at the top.
Maturity Brings Market Stability
Currently, Bitcoin holds above $100,000. Yet exchange netflows remain negative near -1,800 BTC as per CryptoQuant. This behavior shows investors are still accumulating. Even with record prices, holders prefer cold storage. Besides, this trend reflects high conviction among long-term investors. They remain confident despite broader volatility.
Source: CryptoQuant
Moreover, netflows now display reduced volatility. Unlike prior cycles, flow swings have narrowed. This suggests the Bitcoin market is maturing. Liquidity is stronger, and panic reactions are fewer. Price action above $90,000 has become more stable. Exchange behavior supports this structure.
