- Bitcoin whales are executing high-volume trades as ETF inflows rise and price nears $105K, signaling confidence at key resistance levels.
- Ethereum ETFs are seeing persistent outflows, with major issuers shedding ETH as investors rotate capital into stronger BTC momentum.
- Normalized CVD and heatmaps show whales dominating buy pressure, while retail flows decline, reshaping the near-term market structure.
Bitcoin ETFs are seeing new inflows as institutional investors ramp up accumulation, pushing BTC to the $105,000 mark. On the other hand, Ethereum ETFs are seeing major outflows, suggesting a decoupling of investor sentiment between the two leading crypto assets.
ARK 21Shares saw the highest daily Bitcoin inflow, adding 567 BTC and bringing its total holdings to 48,234 BTC valued at $4.88 billion. “ARK21Shares inflows 567 $BTC($57.36M) and currently holds 48,234 $BTC,” stated in an update by Lookonchain. Other top contributors included Fidelity (+415 BTC) and iShares (+386 BTC), while Grayscale’s GBTC posted a 955 BTC outflow.
Ethereum funds showed consistent daily net outflows across major issuers. Grayscale’s ETHE dropped 78 ETH on May 8 and recorded a 7-day outflow of over 11,000 ETH. iShares’ ETHA led with a single-day withdrawal of 10,791 ETH, signaling sustained institutional rotation out of Ethereum-based products.
Whale Buying Accelerates as BTC Approaches Resistance
Cumulative Volume Delta indicators show sustained buy pressure across large trade brackets, with sharp upward moves beginning May 1 and intensifying through May 7. According to On-Chain data, BTC surged from $92,000 to above $103,000 with strong liquidity clustering between $94,000 and $98,000, bolstered by rising volumes and a 35.44% spike in 24-hour turnover. The market cap stands near $2.17 trillion with only 1.14 million BTC remaining unmined, underscoring Bitcoin’s finite supply model.
Normalized CVD data confirms aggressive accumulation by whales executing trades between $1M and $ 100 M. These high-volume participants drove the bulk of the rally, with the brown CVD line spiking sharply alongside consistent upward movement in the green line representing $100K–$1M trades. Order book heatmaps identify dense sell walls at $104,000 and $105,000, acting as near-term resistance zones as buy-side momentum climbs.
Current shifts in investor sentiment highlight a new narrative driven by perceived store-of-value demand and macro hedge positioning. Sub-$1K order flows have declined, suggesting smaller retail accounts are taking a backseat as institutional and whale segments dominate directional bias. This new alignment alters the competitive landscape for ETF providers aiming to capture high-net-worth capital inflows.
Bitcoin Price Momentum Supported by Technical Indicators
Market structure confirms ongoing bullish sentiment, with recent Japanese candlesticks showing consistent closes above $103,000. A significant wick near $104,000 indicates prior resistance, but subsequent price action has consolidated in the upper range. Increased buying volume and a long green candle on May 7 reaffirm breakout attempts backed by real demand.
Volume-to-market cap ratios above 3.6% reflect deep liquidity and investor confidence as Bitcoin sustains levels above $100,000. The BTC/USDT heatmap shows strong liquidity support around $96,000 and $98,000, while resistance clusters remain visibly firm near $105,000. Price activity within this narrow band highlights short-term indecision amid long-term strength.
Shifting liquidity patterns introduce additional considerations for ETF strategy and execution timing. A steady climb in whale-driven volume, paired with thinning sell pressure at key resistance zones, points to continued bullish potential. Institutional market makers appear positioned to defend higher support levels as ETF demand grows.
