Bitcoin experienced a 4.4% rally after establishing a new range at $93,321 on February 18, although it has been trending down within a descending channel pattern. The current range sits between $102,000 and $91,000 without significant urgency in its market structure, impacting onchain and institutional demand. Spot Bitcoin ETF inflows have dropped to about 41,000 BTC in Q1 2025 compared to 100,000 BTC in Q1 2024. In dollar terms, inflows were approximately $4.3 billion in 2025 versus $4.8 billion in 2024. Analysts noted that the 1-month basis of CME Bitcoin futures has dropped, suggesting potential bullish reversal signals. Despite current low volatility and constricted price action, Bitcoin has not closed below $92,000 since mid-November 2024. Key traders highlight that a daily close above $98,000 could initiate a bullish trend following a lengthy period of sideways movement.

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