- Bitcoin has dropped to $104K over four days, but strong inflows and whale accumulation signal bullish investor sentiment.
- If demand holds, a rebound toward $109K could be imminent.
Bitcoin [BTC] has entered its fourth consecutive day of decline, slipping from a recent high of $110,000 to just above $104,000. But behind the red candles and cooling momentum lies a bullish undercurrent that could fuel an unexpected rally.
Despite the drop, investor sentiment remains surprisingly upbeat. On-chain data from CryptoQuant reveals that daily net capital inflow into Bitcoin hit $1.8 billion on May 29th—levels not seen since the peak of the 2021 bull run. Even at current elevated prices, this robust influx of fresh capital suggests that investors aren’t cashing out—they’re doubling down.
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Whales, the market’s most influential players, appear to be leading the charge. Over the last 48 hours alone, they’ve accumulated nearly 20,000 BTC. Meanwhile, more than 50,000 BTC have exited centralized exchanges, pointing to strong accumulation rather than distribution. In fact, Bitcoin has now posted seven straight days of negative exchange netflows—an unprecedented streak in 2025.
The data signals that long-term conviction is outweighing short-term fear. Short-Term Holder SOPR metrics also show that recent sellers are not panic-driven; most are still in profit and sitting on their holdings. This behavior reinforces a broader bullish narrative—investors are not fleeing, they’re positioning.
Still, the technical picture remains fragile. If Bitcoin loses its grip below $104K, buyers between $100K and $104K may begin to exit to lock in gains, potentially triggering a sharper correction. But if BTC holds current levels and sentiment persists, a rebound toward $109,000 could happen swiftly.
In the face of a four-day pullback, Bitcoin’s underlying fundamentals remain resilient. With whales accumulating, capital flowing in, and panic selling nowhere in sight, this could be less of a breakdown—and more of a breather before the next leg up.