Bitcoin Price Outlook: Bulls Defend $83K, But ETF Flows And Trading Volume Raise Recovery Questions

• Analyst Benjamin Cowen said bulls remain in control after Bitcoin closed the week above $83,000.
• Cowen recommended dollar-cost averaging in the second half of the U.S. midterm election year, citing Bitcoin’s recoveries following bottoms in 2018 and 2022.
• Tokenized stocks reached a record market value of $3.87 billion, with BNB Chain, Ethereum and Solana accounting for nearly 73% of the total.

Bitcoin (BTC) opens the week with a price above $83,000, but whether the gain will hold is unclear, as experts note sluggish buying demand. While Benjamin Cowen believes bulls are firmly in charge, Glassnode warns that low trading volumes and cooling spot Bitcoin ETF inflows suggest a tentative recovery. 

Meanwhile, tokenized equities have emerged as a bright spot, with total market value reaching a record $3.87 billion, led by BNB Chain (BNB), Ethereum (ETH), and Solana (SOL). As traders consider Bitcoin's next move, the expanding tokenization industry provides another trend to monitor this week.

The increase came after a weekly close over $83,000. “Bulls” are “in control” at this level, analyst Benjamin Cowen said, leaving bears to prove market momentum has reversed. He also suggested that dollar-cost averaging (DCA) in the second half of U.S. midterm election years may pay off, citing 2018 and 2022 as examples, both midterm years that saw Bitcoin bottom in the back half before turning higher.

CryptoQuant Warns Bitcoin Rally Lacks Strong Buying Demand

But CryptoQuant said the current Bitcoin surge has not been accompanied by the robust buying activity required to suggest a lasting rebound. The firm said that trading volumes are still extremely low, inflows into U.S. spot Bitcoin ETFs have slowed, and American trading sessions have become net selling times. 

Spot buyers are back, and on-chain activity has improved, but the firm warned that the increase is still based on established investors rather than new cash. A prolonged rise in spot trading volumes, inflow to ETFs, and U.S. purchasing demand would be better indications of a permanent market rebound.  

Bitcoin’s price was trading at $83,580, with a 0.7% uptick in the last 24 hours. On Stocktwits, retail sentiment around the apex cryptocurrency remained in the ‘bearish’ zone, accompanied by ‘low’ chatter levels over the past day

Tokenized Stocks Market Hits Record $3.87B

While Bitcoin remains steady, the crypto market is moving in a different direction. Tokenized stocks had a market value of almost $3.87 billion as of Sunday, according to Token Terminal data. That is the largest single-day reading in the firm’s series.

BNB Chain was the leader with $1.24 billion, according to statistics from Token Terminal. Ethereum trailed closely at $842 million, with Solana at $742 million. The three chains combined represent almost 73% of the market.

Ondo Finance (ONDO) was the biggest issuer across all chains at $992.3 million. Binance bStocks followed, at $920.4 million, and xStocks came next, at $968 million. The category rose 22% in just a month.

Retail Sentiment Remains Mixed 

BNB’s price edged up 0.6%, while Ethereum and Solana were both up over 2% in the last 24 hours, in line with the broader market's slight strength. ONDO’s price was up over 5% over the past day, the highest among the four altcoins, with retail sentiment in the ‘bearish’ zone. 

On Stocktwits, retail sentiment around BNB remained in the ‘bullish’ zone, while sentiment around Ethereum remained in the ‘extremely bearish’ zone over the past day. Retail sentiment around Solana remained in the ‘bearish’ zone. On the platform, however, Ethereum and Solana were the top trending tokens. 

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