Bitcoin whale activity, record ETF inflows, and a rare show of strength from altcoins have collided in the same week, raising questions about whether the crypto market has found a floor or is simply catching its breath before another leg down.
On Tuesday, blockchain analytics firm Arkham Intelligence recorded a transfer of roughly 300 BTC, worth more than $20 million, from a known whale address to a Binance deposit address. The wallet still holds approximately 200 BTC, valued near $13.75 million. Between January and March 2025, that same wallet accumulated around 513 BTC at an average purchase price of $97,541, according to Arkham data. With Bitcoin trading near $68,692 at the time of the transfer, any sale would crystallize a loss.
The move is not isolated. Last month, a wallet moved 2,100 BTC worth $147.7 million that had previously gone untouched for over 13 years. A separate whale transferred $33 million worth of BTC to Binance around the same period. Whether these transfers signal intent to sell remains unclear, but such moves have historically preceded selling activity by large holders.
Bitcoin's 45% slide and the $10,000 debate
Bitcoin hit an all-time high above $126,000 in October 2025. It has since fallen 45%, trading near $68,400 at the time of reporting, based on TradingView data. That drawdown has reopened a debate about where the floor actually sits.
Bloomberg Intelligence Senior Commodities Strategist Mike McGlone reiterated on Sunday that $10,000 remains a plausible destination. In a LinkedIn post, McGlone wrote that "the biggest money pump in history may be unwinding," with the digital asset potentially headed to its lowest price since July 2020. A fall to $10,000 from current levels would represent a decline of more than 85%, and would put Bitcoin's market capitalization near $200 billion.
McGlone acknowledged that $75,000 is a key threshold. Bitcoin briefly reached $75,600 last month amid heightened geopolitical tension before retreating. He also noted that $10,000 is Bitcoin's "most traded price since 2017," when regulated futures were introduced by Cboe and CME Group.
Speaking on The Wolf Of All Streets Podcast with Scott Melker on Monday, McGlone framed his position as a warning rather than a bet against the asset.
"I see a hurricane coming in, and it's my duty to warn you," he said. "Don't reject the bear, just accept it."
His broader argument centers on dilution. McGlone contended that Bitcoin is suffering from the proliferation of other cryptocurrencies, including meme coins like Dogecoin and Shiba Inu that "should be purged down to zero." He also argued that Bitcoin's financialization through ETFs and options means "Bitcoin is no longer exciting," and that its growing correlation with risk assets makes it more exposed to stock market volatility.
ETF inflows hit a six-week high
Against that backdrop, spot Bitcoin ETFs in the United States posted their largest single-day net inflows in six weeks on Monday. According to data from SoSoValue, six products attracted a combined $471.32 million. BlackRock's IBIT led with $181.9 million, followed by Fidelity's FBTC at $147.3 million. ARK & 21Shares' ARKB contributed $118.7 million, with additional positive flows from Grayscale, Bitwise, and VanEck.
Monday's total surpassed the previous six-week high of $506 million recorded on February 25 and fully offset the $173.7 million in outflows seen on April 1. Spot Ethereum ETFs also recorded $120.24 million in net inflows on Monday, their largest single-day total since mid-March.
🇺🇸 Crypto Spot ETF Flows: BTC and ETH spot ETFs saw net inflows on Apr. 6. $BTC: $471.32M $ETH: $120.24M $SOL: $0 $XRP: $0 pic.twitter.com/AR1PgMG4YZ
— HodlFM (@Hodl_fm) April 7, 2026
Altcoins near the low end of their three-year range
While Bitcoin dominates the macro discussion, Grayscale Head of Research Zach Pandl turned attention to altcoins in a blog post published Thursday. He noted that a basket of altcoins is down roughly 59% from its highs since the launch of crypto ETPs in January 2024, yet up only 2% from its lows.
The global cryptocurrency market cap stood at $2.34 trillion on Tuesday, down 43% from its October peak near $4.37 trillion. Within that decline, Ethereum has risen 9.2% over the past month to $2,160 but is now trading around $2,087. Chainlink gained 3.8% to $9.08 over the same period. Solana edged down 1.9% to $82.
Pandl stopped short of calling a bottom.
"We can't be sure that crypto markets have bottomed," he wrote.
But he described recent price action as notable given the macro environment, which includes a U.S.-Israel war with Iran and a meaningful drawdown in equities. The S&P 500 fell roughly 5% in March, while the Grayscale Crypto Sectors Index gained about 4% over the same stretch.
The geopolitical backdrop complicates any directional call. President Donald Trump has set an April 7 deadline for Iran to reopen the Strait of Hormuz, warning of "complete demolition" of Iranian infrastructure if the deadline passes without compliance. Oil prices have already spiked. Until that uncertainty clears, analysts broadly expect crypto markets to remain range-bound.
Kristian Koch
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