Global Markets Hit Records While Bitcoin Waits Quietly: Does the 155,000 BTC Accumulation Zone Signal a New Era?
Despite strong spot ETF inflows and record rallies in global markets, Bitcoin (BTC) has been trading sideways at the $64,000 level, entering what analysts describe as a “boredom-induced” bottom formation process.
The cryptocurrency leader stabilized its price around $64,000 despite $211.5 million in net inflows from the spot ETF side and records led by technology stocks on Wall Street. In an environment where the S&P 500 refreshed its peak at 7,737 points and the Nasdaq gained 2.6 percent driven by AI-focused earnings, this stagnation in Bitcoin (BTC) price is interpreted by experts as seller exhaustion rather than a sign of weakness. Glassnode analysts describe this decoupling between global markets and Bitcoin as the “riddle of the week,” noting that the market is sinking into a silence rather than surrendering.
On-chain data indicates a strong accumulation behind this stagnation. Specifically, the decline of the Seller Exhaustion Constant metric to its lowest levels of this cycle suggests that a critical zone where past market bottoms were formed has been entered. Even though approximately 119,000 Bitcoin (BTC) moved following the assets stolen from Coldcard wallets, the fact that this did not create measurable selling pressure on exchanges proves the market’s desire to maintain current levels.
Seller Exhaustion and Bottom Signals in Bitcoin Price
According to data shared by Bitfinex, approximately 155,000 Bitcoin (BTC) have accumulated in the $62,000 to $65,000 range. This dense cluster, representing 0.7 percent of the circulating supply, shows that investors accept current levels as the primary cost basis. With 54.6 percent of the supply in profit and the average investor reaching the break-even point, this is historically evaluated as a stage where the price forms cycle bottoms instead of sharp declines.
The drop in implied volatility in the options market to record lows reveals that investors do not expect a major breakout in the short term. Wintermute analysts emphasize that for a real recovery, the price must convincingly exceed the $65,000 threshold. On the macroeconomic side, US employment data and interest rate cut expectations are being monitored as the main factors that will determine which direction Bitcoin will exit this compression phase. Historical data shows that periods when volatility drops this low usually result in sharp upward moves.