The cryptocurrency market is sending mixed but important signals. While Bitcoin consolidates in a narrow range, the largest institutional players, including VanEck and BlackRock, are publicly stating that the prolonged correction has ended and that the market is transitioning to an accumulation phase. At the same time, 12 of the 15 largest institutional holders of Strategy shares have increased their stakes — a powerful signal of long-term confidence.
What is happening with the leaders by market capitalization
At the time of analysis, around 09:05 Moscow time, Bitcoin (BTC) was trading near $64,174. Overnight, on the 15-minute chart, quotes held within the $64,000–$64,950 range. Over the past 24 hours, the price of the leading cryptocurrency remained virtually unchanged, gaining a symbolic 0.04%. This points to extremely low volatility and the accumulation of strength ahead of a potential move.
Ethereum (ETH) is showing slightly more positive dynamics: a gain of 0.81% over the day, to around $1,908. Overnight fluctuations were limited to the $1,892–$1,918 range.
Among altcoins in the top 20 by market capitalization, no notable movements were observed. The best result came from Solana (SOL), which rose by 1.42%. At the same time, Hyperliquid (HYPE) lost 1.49%, and BNB declined by 0.33%.
In the top 100, Velvet (VELVET) stood out over the day with an impressive gain of 30.22%. Gnosis (GNO) and LayerZero (ZRO) also pleased investors, adding 10.98% and 6.45%, respectively. Among the laggards — MemeCore (M), which lost 6.66%, followed by Jito (JTO) with a drop of 6.14% and Curve DAO Token (CRV) with a minus of 4.12%.
ETF flows and liquidations
Spot ETFs continue to attract capital. Over the day, Bitcoin funds collected $189.30 million, Ethereum products — $71.47 million, and XRP — $5.81 million. This is a steady, albeit not explosive, inflow that confirms institutional investors' interest in digital assets through regulated instruments.
Over the past 24 hours, positions totaling $177.02 million were liquidated, affecting 57,225 traders. Interestingly, short positions accounted for more — $98.53 million, while longs lost $78.49 million. The largest single liquidation order was recorded on Hyperliquid for the BTC-USD pair, amounting to $23.35 million.
Institutional signal: the correction is behind us
Asset manager VanEck suggests that Bitcoin is completing its nearly 11-month correction and entering an accumulation phase. Analysts, including Patrick Bush and head of digital assets research Matthew Sigel, note that eight of the twelve signals in their "capitulation check" model have already triggered. All twelve signals have at some point over the past three months dipped into the capitulation zone — indicating that the market has experienced Bitcoin's price capitulation and is approaching or already in the accumulation phase.
BlackRock, for its part, states that Bitcoin's decline of more than 50% from its October peak does not change long-term prospects. The company attributes the crash to a reduction in leverage, weakening capital inflows, and slower purchases by corporate holders, rather than a change in the coin's investment value.
At the peak, open interest in crypto futures exceeded $90 billion, with about 80% in perpetual contracts outside the CME exchange. From January 2024 to October 2025, spot Bitcoin funds attracted about $60 billion, followed by an outflow of roughly $5 billion. BlackRock still considers a small Bitcoin allocation a portfolio diversification tool.
Of particular note are the 13F filing data for the second quarter: 12 of the 15 largest institutional holders of Strategy shares increased their positions, with purchases occurring against the backdrop of the company itself selling Bitcoin. Such a move speaks to the long-term confidence of major players. Institutional support for Strategy shares remains strong despite Michael Saylor's Bitcoin reserve management tactics.
My conclusion: The combination of signals from VanEck and BlackRock, along with the actions of the largest institutional holders, indicates that the bottom has likely already been formed. Bitcoin's current consolidation in a narrow range is a classic accumulation phase before a new impulse. Investors should closely watch the $65,000 level: a confident breakout would be the first confirmation of a medium-term trend reversal.