Bitcoin Tests $75,000 as On-Chain Data Signals Whale Profit-Taking
Bitcoin has rebounded from about $71,000 to near $75,000, driven mainly by institutional and macro capital flowing through U.S.-listed spot Bitcoin ETFs rather than retail investors chasing the rally. The $76,800 level is also the average on-chain cost basis of recent buyers and capped a rally in January, making it a crucial test of whether ETF demand can absorb selling by long-term holders.
On April 16, 2026, market maker Enflux said U.S. spot Bitcoin ETFs drew about $240 million in net inflows in a single day, helping push the price toward $75,000–$76,000. CryptoQuant observed that exchange inflows rose at the same time to about 11,000 BTC per hour, the highest since late December last year. The average deposit reached 2.25 BTC, its highest since mid-2024, indicating that whales were exiting near the $76,800 cost-basis level as the price moved into consolidation.
All Coverage
1 original reportsThe Backstory
The history behind this eventBitcoin Tests $75,000 as $200 Million in Shorts Face Liquidation Risk
Bitcoin has traded largely within a range for the past two months, with $75,000 emerging as a key battleground because of the large number of leveraged positions nearby. As macroeconomic sentiment improves and futures open interest rises, whether the price can decisively break through the level will influence capital flows and market risk appetite.
As of July 20, 2026, Bitcoin was testing $75,000. Derivatives market data showed that a further move above $75,500 could trigger the forced liquidation of about $200 million in short positions. The market is watching whether liquidation-driven buying can propel the price out of a consolidation range that has persisted for about two months.
Bitcoin Supply in Profit Nears ‘True Bear Market’ Levels as 8.2 Million Coins Sit at a Loss
CryptoQuant measures the profitability of Bitcoin supply using on-chain cost bases. A declining share of supply in profit means more holders bought their coins above the current market price. The metric is closing in on its 2022 bear-market low, making it an important gauge of market undervaluation and potential cycle turning points.
According to the latest report, about 8.2 million Bitcoin are carrying unrealized losses, while the share of supply in profit is approaching the “true bear market” range. Analysts say market valuations are clearly under pressure, but the industry has yet to reach a consensus on whether a bottom is near or prices will remain weighed down by global turmoil.
Subscribe to Mark Radar Weekly
Every Friday, the week's strongest signals in your inbox. Unsubscribe anytime.