By Chris Hollingworth 
On March 25, a significant amount of over 27,740 Bitcoin (BTC) valued at $2.4 billion was withdrawn from exchanges, marking the highest daily outflow since July 31, 2024. This surge in withdrawals coincides with a continued influx of funds into US spot Bitcoin exchange-traded funds (ETFs), indicating a potential resurgence in institutional demand. The question now arises: Is the Bitcoin bull run poised to resume?
The decreasing supply of Bitcoin on exchanges is fueling another attempt by the cryptocurrency to break out above $90,000. Notably, a substantial portion of the recent withdrawals was attributed to whales, entities holding at least 1,000 BTC, who withdrew more than 11,574 BTC amounting to approximately $1 billion on March 25. Such high outflows from exchanges, especially by whales, typically signal reduced selling pressure, hinting at accumulation and bullish sentiment that could drive prices higher.
Moreover, blockchain analytics firm Arkham Intelligence reported that a “billionaire Bitcoin whale” acquired 2,400 BTC worth over $200 million on March 24, further underscoring the trend of large investors increasing their positions. Despite some selling in February, this whale now holds more than 15,000 BTC, having started accumulating the cryptocurrency five days prior after selling between $100,000 and $86,000 in February. This strategic move suggests that significant investors viewed the recent price dips as buying opportunities in anticipation of future price appreciation.
Another positive indicator of renewed investor interest in Bitcoin is the sustained capital inflow into spot Bitcoin ETFs since March 14. These ETFs have experienced eight consecutive days of inflows, totaling $896.6 million. Market data provider Santiment noted this trend shift, highlighting the first such streak in 2025, signaling a potential shift in investor sentiment towards Bitcoin and other cryptocurrencies.
In addition, digital asset investment products have recorded weekly net inflows for the first time in five weeks, further supporting the narrative of increasing investor confidence in the cryptocurrency market.
As of the latest data, Bitcoin is trading at $88,265, reflecting a 1.2% increase over the past 24 hours. However, the cryptocurrency faces resistance from the 20-weekly exponential moving average (EMA) at $88,682. Breaking above this level and converting it into a support zone is crucial for sustaining the ongoing bull run. Historical data indicates that breaching the 20-weekly EMA has historically preceded significant rallies in Bitcoin price, such as the notable 170% surge from $27,000 in October 2023 to over $73,000 in March 2024.
Analysts emphasize the importance of the 20-weekly EMA as a key level to watch for potential price movements. Keith Alan, co-founder of trading resource Material Indicators, suggests that reclaiming the 2025 yearly open around $93,300 is essential for Bitcoin to pave the way towards new all-time highs.
