Bitcoins Rise Driven by Institutions, Not Retail, Says Bitwise CEO

Hunter Horsley emphasized that despite Bitcoin hitting $94K, Google search interest remains historically low.
Horsley noted a shift as institutions, corporations, and governments now drive its rally, not retail.
Wallets with over 1,000 BTC have grown by nearly 100 since late January, signaling smart money accumulation.

Bitcoin has been moving sideways after reaching above $95,000 last week, showing little momentum to push further. Over the last 24 hours, the price stands at $94,733, with a modest 0.72% gain, and an 8.27% increase for the week. A brief dip to $92,000 during the weekend quickly reversed as bulls stepped back in.

Hunter Horsley, CEO of Bitwise, pointed out an intriguing trend beneath Bitcoins price movements. Despite the coin crossing the $94,000 mark, Google searches for Bitcoin remain stuck at long-term lows. Horsley stated, the types of investors buying Bitcoin are expanding, suggesting a fundamental shift in who is driving this rally.

Source: Hunter Horsley

Unlike previous bull markets, where spikes in search activity signaled rising retail participation, todays environment appears different. This time, it is not the public fueling its climb. Institutions, corporations, financial advisors, and even some governments are the forces moving the market.

Institutional Players Shape Bitcoin Trends

Supporting this broader shift, data from analyst Ali Martinez showed that wallets holding over 1,000 BTC have grown by nearly 100 since late January. During periods of falling prices in February and early March, these large investors seized the opportunity to accumulate BTC, a move typical of experienced market players.

This increase in large holders coincided with Bitcoins recovery in April. Both price and wallet count climbed together, signaling that institutional investors and whales were actively participating. It is clear that smart money players are influencing this market phase rather than everyday retail traders.

Source: Ali_Charts

On another front, a contributor from CryptoQuant known as BorisVest noted that the cryptocurrency is now experiencing a stagnation phase. With many short-term holders locking in their profits, the market faces difficulty breaking above key resistance levels. The balance between inflows and outflows on exchanges reflects a neutral stance at present.

Bitcoin Bulls Must Clear $96K

Spent Output Value Bands data suggests that whales and institutions are spending their coins as prices rise. This activity is not only about booking profits but also signals cautiousness at higher levels. Meanwhile, the Net Realized Profit/Loss (NRPL) metric showed a sharp swing from $2 billion in losses to $3 billion in profits, confirming significant profit-taking recently.

Source: CryptoQuant

Bitcoins exchange reserves, which had been steadily decreasing, are now stabilizing. This development hints that selling pressure could build up if fresh demand fails to absorb the ongoing profit realization from short-term holders. At the same time, the SOPR metric rising to 1.04 indicates that holders who bought near local lows are now realizing gains.

Bitcoin faces strong resistance at $96,000. A decisive break above with good volume could convert this resistance into new support, opening the door for further gains. If it fails to clear this level, however, another corrective phase driven by selling pressure could be on the horizon.

Text source: TronWeekly

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