Bitcoin Holds at $70,000 as Whales Accumulate; Range-Bound Likely

Bitcoin is holding firm around the $70,000 level after one of its sharpest sell-offs this cycle, leaving investors split on what comes next. On-chain data, ETF flows, and market structure signals point in two opposing directions, raising a key question: is Bitcoin preparing for another leg up, or setting up for renewed downside?

One clear warning comes from the growth rate difference between market cap and realized cap. The indicator remains in negative territory, historically associated with heavier selling pressure. When realized cap grows faster than market cap, it suggests coins are being redistributed at lower prices rather than pushed higher by fresh demand, making sustained pumps difficult.

At the same time, on-chain accumulation tells a different story: inflows to long-term accumulation addresses surged during the recent dip, marking the largest single-day inflow of this cycle.

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