Bitcoin Nears $105K Amid ETF Inflows, Low Liquidity
Key Takeaways
- Bitcoin spot ETFs have seen strong inflows since mid-April 2025.
- Declining sell-side liquidity suggests a limited supply.
- The price is currently fluctuating between USD 101,000 and 105,000.
- Highly leveraged positions below USD 101,000 could trigger liquidations in the event of a price drop.
Institutional Capital Driving Bitcoin Inflows
Since mid-April 2025, institutional capital has been increasingly flowing into Bitcoin spot ETFs. These exchange-traded funds allow investors to gain indirect exposure to Bitcoin without holding the cryptocurrency themselves. According to recent data, net inflows have approached one billion US dollars.
This trend is supporting the price of Bitcoin (BTC), which has been steadily rising in tandem with ETF inflows. The demand from institutional investors appears to be stabilizing the market—at least as long as the inflows continue.
Price Development: Consolidation at a High Level
Bitcoin’s price is currently showing a clear pattern: After breaking out of the USD 83,000 to 86,000 range, it consolidated between USD 93,000 and 96,000. At present, the price is moving within a narrow band between USD 101,000 and 105,000.
A breakout above USD 105,000 could trigger new upward momentum. Conversely, a drop below USD 101,000 would be an early signal of a potential correction. The current sideways movement indicates a wait-and-see attitude in the market.
Sell-Side Liquidity Is Declining
Data from over-the-counter (OTC) trading shows that available sell-side liquidity for Bitcoin is decreasing sharply. Fewer BTC are actively being offered for sale. This reduces available supply and, if demand remains steady or increases, could lead to a price surge.
This supply shortage is a key factor in the ongoing price development. If demand continues, a price spike due to a so-called “supply shock” is conceivable.
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Risk from Leveraged Positions
An analysis of Bitcoin futures liquidation data reveals that numerous highly leveraged long positions exist below the USD 101,000 mark. These could be subject to forced liquidation in the event of a price drop, adding further selling pressure.
Specific critical liquidation levels are at USD 100,522, 100,033, 99,459, and 98,669. On the flip side, there are also short positions with lower leverage above USD 105,000. If the price breaks upward, these could be closed out, further driving price gains.
Our Assessment
The current market situation presents a tension between strong institutional interest and a shrinking supply side. As long as inflows into Bitcoin ETFs continue, the upside potential remains intact. A breakout above USD 105,000 could lead to new all-time highs.
At the same time, the area below USD 101,000 carries risks. Liquidations of leveraged positions there could trigger short-term price declines. For you as an investor, this means: closely monitor price movements around these key levels. A clear move out of the current range is likely to set the direction for the coming weeks.
Sources
- CoinGlass
- TradingView
- X (formerly Twitter)
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