Bitcoin [BTC] has fallen back to the $91,000 zone after failing to sustain a move above the $95,000 level that it defended for most of the previous week.
While the pullback reflects short-term exhaustion, it has not meaningfully weakened broader market participation.
Activity among Spot buyers and institutions suggests demand remains intact, providing a potential basis for recovery as macro- and crypto-specific developments unfold.
Spot demand is regaining control
Spot market sentiment has turned constructive for the first time in several weeks, with the Bitcoin Spot Taker CVD (Cumulative Volume Difference) turning decisively positive.
This metric tracks whether aggressive market activity over a given period (usually 90 days) is dominated by buyers or sellers. A positive result indicates that buyers are once again setting the tone.
Source: CryptoQuant
The shift signals a transfer of control from sellers to buyers, a development that often precedes more sustained price action.
Importantly, spot market demand points to organic accumulation rather than leverage, strengthening the case for medium-term upside potential.
Exchange data reinforces this story. Spot exchange Netflow shows that Bitcoin worth $ 171.83 million has been removed from the exchanges, due to continued buying pressure.
This marks a sharp turnaround from the $203 million in net sales recorded in the week ending January 12.
If this pace of accumulation continues, shrinking currency balances could tighten supply and support a price rebound.
Institutions stay on course
Institutional investors appear unfazed by the recent volatility. CryptoQuant data tracking US-based wallets holding between 100 and 1,000 BTC shows steady accumulation over the past year.
During this period, institutions absorbed approximately $53 billion worth of Bitcoin, equivalent to approximately 577,000 BTC. On a monthly basis, this translates into an average purchase value of $4.4 billion.
Source: CryproQuant
These inflows are largely driven by US Spot Bitcoin ETFs, backed by major asset managers including BlackRock and Fidelity.
AMBCryptos judgement ETF flows show that $1.21 billion worth of Bitcoin was already purchased in January. Based on historical averages, additional inflows of up to $3.19 billion remain possible before the end of the month.
That said, these figures remain conditional. Institutional positioning will continue to depend on broader risk sentiment and macroeconomic signals.
Global liquidity still supports upside potential
Bitcoin’s long-term relationship with global liquidity continues to favor higher prices. Historically, Bitcoin has peaked when global M2 money supply growth exceeds 14.4 percent.
Currently, global M2 growth is close to 11 percent, indicating that liquidity conditions remain supportive and have not yet reached levels typically associated with cycle peaks.
Source: Alpharactal
Yet macro risks remain central. Farzam Ehsani, CEO of cryptocurrency exchange VALR, warned that renewed tariff tensions between the US and EU could put pressure on risk assets including Bitcoin.
Ehsani said in an email to AMBCrypto.
“President Trump’s aggressive trade rhetoric is pushing markets back into a full de-risking phase.”
He added that the tariff dispute has mainly weighed on cryptocurrencies because they are treated as risky assets and not due to market-specific weakness.
“While US-EU trade issues have been the biggest drag on sentiment, other risk assets such as KOSPI are trading flat or higher, indicating crypto-specific caution, with capital focusing on alternative risk markets,” he noted.
For now, institutional accumulation and spot demand are providing constructive signals, but rate developments remain a key variable that could shape the market’s near-term direction.
Final thoughts
- Spot market participants are returning, with buying pressure overtaking selling and generating net inflows of $171 million.
- Institutional investors have invested an estimated $53 billion in Bitcoin over the past twelve months, which equates to an average of approximately $4.4 billion per month.