Bitcoin rallied back above the $82,000 level over the weekend. The rise was driven by strong capital inflows into spot Bitcoin ETFs, a more supportive macroeconomic outlook, and continued institutional demand. A notable development was the transfer of 500 BTC by a Bitcoin whale who had been inactive for 12 years.
Bitcoin briefly surged above $82,200 on Sunday, reaching its highest level since May 6th. Afterwards, the leading cryptocurrency continued trading around $80,700, recovering from the $66,000 region in recent weeks and gaining strong upward momentum. Analysts note that continued inflows into spot Bitcoin ETFs are creating a tightening of supply and providing a supportive effect on the price.
According to the latest data, spot Bitcoin ETFs recorded net inflows of $622.7 million last week. This extended the positive inflow streak into ETFs to six weeks. In this six-week period, total net inflows exceeded $3.4 billion. Increased access to Bitcoin by institutional investors through spot ETFs has become one of the prominent factors in the short-term pricing of the market.
Macro outlook supported Bitcoin
Macro conditions also played a role in the market's recovery. The partial easing of geopolitical tensions in the Middle East limited the sudden risk-aversion movements stemming from oil and inflation. In addition, global liquidity conditions and the resilient outlook in equity markets created a more balanced environment for crypto assets.
Nevertheless, uncertainty has not completely disappeared. The US Federal Reserve's interest rate policy, persistent inflation concerns, and diplomatic impasses between the US and Iran are among the risk factors monitored by the markets. Although the possibility of extending the ceasefire and ending the war between the US and Iran has been raised, no clear result emerged from the recent talks.
According to analysts, whether Bitcoin can remain above the $80,000-$82,000 band will depend on the continuation of new purchases. This region is being monitored as an important resistance area in the short term. If the price holds above this level, it could create a stronger technical outlook. However, pullbacks towards the $78,000-$80,000 range are also considered a healthy correction area.
12-year Bitcoin whale moves 500 BTC
Another notable development during the same period as the rise in Bitcoin price came from an old whale wallet. According to on-chain data, an address that had been inactive for 12 years transferred 500 BTC to a new wallet on Sunday. The current value of the transferred Bitcoin is approximately $40.6 million.
These 500 BTC arrived at the address on November 27, 2013. At that time, the value of this amount was approximately $457,000. In the 12 years that have passed, the value of these BTC has increased approximately 89 times. The reason for the transfer is not yet known. However, the reactivation of large wallets that have been inactive for a long time is generally interpreted in the market as a sign of a potential sell-off. While such movements don't always mean selling, they are closely monitored by investors. Large transfers from old wallets, especially during periods of strong price increases, can heighten expectations of profit taking. Last month, an Ethereum ICO participant who had been inactive since 2015 moved $23 million worth of ETH to a new address.
