Gate News message, April 24 — Bitcoin is trading around $78,400 on Thursday after reaching an intraday high near $79,426 on Wednesday, as analysts highlight improving market structure amid continued institutional buying. Spot bitcoin ETFs recorded net inflows exceeding $11.8 million on April 21, extending a six-day inflow streak, while spot ether ETFs added approximately $43.4 million for a ninth consecutive day of inflows.
Market structure has improved significantly, with bitcoin breaking above the “True Market Mean” at $78,100 for the first time since mid-January, according to Glassnode. More notably, whale wallets holding more than 1,000 BTC accumulated 270,000 BTC over the past 30 days—the largest monthly increase since 2013—while exchange reserves have fallen to a seven-year low, suggesting sustained institutional demand.
However, the $80,000 level remains contested. The short-term holder cost basis sits at $80,100, serving as an immediate ceiling. Glassnode noted that reaching $80,000 would push over 54% of recent buyers into profit, a threshold historically associated with bear-market rally exhaustion. Short-term holder realized profit has surged to $4.4 million per hour, nearly triple the $1.5 million level that marked every local top earlier this year.
Analysts point to multiple factors that could support a breakout above $80,000: ETF absorption, whale accumulation, and potential geopolitical de-escalation. Perpetual funding remains negative, suggesting short positioning could fuel further upside if spot demand continues. However, options markets show limited urgency, with implied volatility drifting lower and downside protection bid further out the curve. Sustaining the move above recent highs will likely require either clear progress on Iran talks or broader improvement in market funding dynamics.
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