Bhutan Sells, Whales Buy: Where Is Bitcoin’s Price Headed Next?

The past several days have been highly eventful in terms of activity in the war between the US/Israel and Iran, which included a major cease-fire deal, although it doesn’t appear to be supported by Israel.

During this time of uncertainty but rising hope for a lasting peace in the region, BTC investors have adopted various strategies.

Who Sells and Who Buys?

Data from SoSoValue shows that investors using the spot Bitcoin ETFs to gain exposure to the largest cryptocurrency spent over $470 million on Monday to increase their positions, making it the single-best day in terms of net inflows since late February. The timing was rather intriguing as it came with just hours left before Trump’s deadline expiration, after which he had threatened to wipe out an entire civilization.

Once the US and Iran actually reached a cease-fire deal and his threats were disregarded, investors pulled funds out of the ETFs, with $159.05 million in net outflows in the hours leading up to the major development, and another $124.55 million taken out on the day after.

Lookonchain, on the other hand, reported that the Royal Government of Bhutan continues to transfer some of its BTC holdings with the likely intention to sell, with another 320 BTC movement. The analytics company said Bhutan’s holdings have declined by over 9,000 BTC since October 2024.

On the opposite side stand bitcoin whales. Ali Martinez cited data from Santiment, suggesting that these large market participants have accumulated approximately 10,000 BTC in the past 72 hours alone, bringing their holdings to around 5.17M units.

Where Is BTC Going Next?

The primary cryptocurrency went through some intense volatility after the business week began, especially when it jumped from $68,400 to $72,700 after the cease-fire deal was announced, and later to $72,800 when reports emerged that Iran wanted Bitcoin toll payments for passage through the Strait of Hormuz.

However, it was stopped there and now stands at around $71,000, with analysts warning that these gains could be short-lived and suggesting that BTC could head for new lows soon.

Popular analyst Jelle noted that the first upside liquidity was taken and the focus is now on whether bitcoin can turn the resistance back into support, or it’s falling toward $60K.

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