$BTC is sitting near $77K and exchange reserves are still trending down.
That usually means coins moving to cold storage — classic accumulation signal. But I have been around long enough to know whales love setting traps right at these inflection points.
My read: as long as ETF inflows keep printing, the institutional bid is real. That is the strongest tailwind we have right now. Supply on exchanges is thin, and BlackRock is not buying just to flip next week.
So the question everyone is asking: $85K first, or do we retest $70K and shake out late longs?
I am leaning toward upside with ETF flows, but I would not be shocked by one more liquidity grab lower.
What is your take? Is this steady hands accumulating, or distribution in disguise?