On-chain data record a reduction in supply and accumulation of Bitcoin by major players.

In April, the net inflow into spot Bitcoin ETFs was about $2.6 billion.

Analysts consider two market development scenarios — a classic and an institutional one.

Breaking the $82,000 level is seen as a potential signal of trend reversal.

A break above $82,000 for Bitcoin could be the first sign of a trend reversal in 2026; otherwise, the market will maintain sideways movement. This was stated by Wintermute analysts.

According to the report, in April 2026, the net inflow into spot Bitcoin ETFs was approximately $2.6 billion. About 70% of this volume was from BlackRock's IBIT product. At the same time, at the end of the month, an outflow of about $491 million was recorded over three trading sessions. This indicates volatility in demand from institutional investors, experts noted.

According to them, on-chain data show these trends:

Bitcoin volume on exchanges is at a seven-year low;

Over the past six months, users have withdrawn about 170,000 BTC;

An increase in accumulation by large players is observed.

Analysts describe the current on-chain picture as one of the strongest in the past year.

The report emphasizes that the macroeconomic situation remains unstable. Despite strong overall indicators, several factors raise concerns. These include limited growth in the stock market, the lack of a unified stance within the U.S. Federal Reserve, and geopolitical risks that could sharply escalate.

Experts note that the dynamics of the first cryptocurrency partially correlate with the stock market.