The price of Bitcoin (BTC) has weathered multiple storms this year, yet it remains stubbornly stable in the mid-$80,000 range. This resilience can largely be attributed to a notable shift in ownership dynamics within the cryptocurrency market.
According to Bloomberg ETF analyst Eric Balchunas, the primary drivers of current demand are institutional investors and corporate giants, such as Strategy. These entities are now the main buyers, effectively soaking up supply that previously contributed to market volatility driven by retail investors.
Strong Hands Replacing Weak Ones
Balchunas recently highlighted on social media that inflows into spot Bitcoin ETFs, particularly BlackRock’s iShares Bitcoin Trust (IBIT), have remained robust in 2025. This surge continues despite broader macroeconomic pressures and intermittent price dips, with IBIT now boasting $2.4 billion in year-to-date inflows, placing it among the top 1% of all ETFs.
Balchunas argues that holders of Bitcoin ETFs and corporate buyers present “stronger hands” compared to the speculative traders of the past. He remarked,
“Impressive and IMO helps explain why BTC’s price has been relatively stable: because its owners are more stable.”
While some ETFs, such as Fidelity’s FBTC and Grayscale’s GBTC, have recorded modest outflows over the past month, IBIT has shone brightly with an admirable $406 million in inflows within just the last 30 days. This persistent institutional interest showcases a willingness to invest, even during periods of price corrections.
The trend of accumulation is not limited to ETFs; recent on-chain data from CryptoQuant indicates that large holders—those holding between 1,000 to 10,000 BTC—have been buying aggressively since mid-February. This behavior has accelerated through March and into April, despite Bitcoin prices retracting from their all-time high reached in early 2025.
Corporate buying has also achieved record levels, with a Bitwise report noting that Q1 2025 saw public companies acquiring a remarkable 95,431 BTC. Key players like Strategy have significantly contributed to this accumulation; their latest purchase of 3,459 BTC for nearly $286 million has brought their total holdings to an impressive 531,644 BTC at an average cost of $67,556.
Price Action
Currently, Bitcoin is trading around $84,400, reflecting a modest 0.9% uptick in the last 24 hours. This represents a 3.6% increase over seven days, although it is underperforming compared to the broader crypto market, which experienced a 5% rise in the same timeframe.
Despite these figures, BTC has shown minimal movement in longer time frames, achieving gains of less than 1% over the past two weeks and only a 1.4% increase over the last month. These outcomes lend more credence to Balchunas’ observations about market stability.
In conclusion, while Bitcoin has faced its share of challenges, the transition towards institutional investment is playing a critical role in stabilizing its price, suggesting a promising outlook for the cryptocurrency amidst a shifting market landscape.
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