Glassnode’s report showed that institutional investment and buy-the-dip pushed bitcoin to $104,000, bringing most short-term holders into profit after falling to $75,000 on April 9. There was an increase in inflows into spot BTC ETFs, which peaked at $389 million per day. Institutional interest remains high despite the cooling of inflows. An increase in purchases on Coinbase and a decrease in sales on Binance contributed to the “stepwise” accumulation. The jump to $104 thousand resulted in 90% of short-term holders’ stocks becoming profitable, which could have triggered profit-taking. The BRN analyst points to a “moderate sell signal” before the weekend due to the overbought market and a possible decline in institutional activity. However, Glassnode considers the range of $93-95 thousand to be strong support in case of a pullback.