Bitcoin is testing a level that capped its rally in January

Macro-driven ETF inflows have lifted prices, but CryptoQuant data signals large holders are positioning to sell near a key breakeven zone What to know : Bitcoin’s climb toward the mid-$70,000s is being powered by steady institutional and macro-driven ETF inflows rather than a surge in retail speculation. As prices near about $76,800, on-chain data show a sharp increase in exchange deposits from larger holders, suggesting many are selling at or near their breakeven levels. This creates a late-cycle "handoff" in which long-term holders distribute coins into ETF demand, leaving bitcoin able to spike on inflows but vulnerable to a pullback toward the low-$70,000s if selling pressure overwhelms new buyers.