On-chain analysts suggest bitcoin's recent wave of selling could be nearing exhaustion as sellers' profit margins shrink, reducing the incentive to offload holdings. The observation comes as bitcoin has held steady despite fresh U.S.-Iran geopolitical escalation, a period that would typically pressure risk assets. Analysts also point to renewed inflows into U.S. spot bitcoin ETFs as evidence that institutional demand is returning. Together, these signals indicate that the marginal seller—the participant most likely to push prices lower—may have stepped back from the market. With profit-taking opportunities diminishing and demand recovering, some observers view the setup as a potential stabilization point. However, the analysis stops short of forecasting a sustained rally, and broader macro and geopolitical conditions remain uncertain. The developments offer a cautiously constructive read on bitcoin's near-term price behavior amid a volatile external backdrop.
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