Bitcoin Hits Resistance as Large Holders Prepare to Sell

Bitcoin's push towards $75,000 is encountering significant resistance as institutional demand remains steady. The recent price increase has been driven primarily by macroeconomic flows rather than speculative activity, with US-listed spot bitcoin ETFs attracting consistent inflows, including a single session of approximately $240 million following Middle East geopolitical tensions. However, as bitcoin approaches a crucial cost-basis level for short-term holders, the market's character is shifting. On-chain data indicates that supply is emerging more aggressively as prices approach the realized price of around $76,800, which has historically acted as resistance. CryptoQuant notes that bitcoin exchange inflows have surged to roughly 11,000 BTC per hour, with the average deposit size increasing to about 2.25 BTC, suggesting that larger holders are driving the move. This sets up a two-sided market, with ETF flows and macro tailwinds providing demand, while large holders appear to be reducing exposure, feeding liquidity into the market as prices approach the breakeven zone. The result is a market that can move higher quickly on inflows but struggles to sustain gains as supply builds.