Bitcoin (BTC) has been consolidating above $100,000 since the start of May. The only time the price drop below $100,000 was on 22 June, which was a weekend when tensions escalated between Iran and the U.S.

However, due to typically low trading volume over weekends, price action is often less reliable during those periods since crypto is the only industry that trades continuously.

Despite ongoing discussions about public companies acquiring bitcoin globally, on top of the availability of exchange-traded funds in the United States, investors are still wondering why bitcoin has not yet broken to new all-time highs above $112,000.

On-chain data, specifically the revived supply breakdown by age, shows elevated levels of bitcoin being sold by investors who have held their coins for a minimum of 3 years and in some cases for over 10 years.

Analyst Checkmate provided this data and commented, “Look at all this price suppression selling by market manipulators who acquired their coins more than 3 years ago and are definitely not selling for profit in a bull market… Much paper.”

This implies that for every buyer there is a seller, and in a bull market, the higher the price climbs, the more likely the market will find sellers willing to offload their holdings.

Checkmate further added, “Always chopping sideways. Suppression == Boredom.” As bitcoin has been consolidating for some time, this is typically where the narrative of market suppression gains traction. However, the data indicates that persistent selling pressure continues rather than deliberate suppression.

Wintermute, a digital assets-focused market maker and OTC desk, has attained a bitcoin(BTC)-backed credit line from Cantor Fitzgerald, following similar financing deals announced last month with Maple Finance and FalconX.

Cantor said the newly launched Bitcoin Financing Business is expected to provide up to $2 billion in financing during its initial rollout. The size of Wintermute’s deal with the investment bank was not disclosed.

The lending and borrowing of crypto was taking place on an industrial scale several years back, but many of the firms involved either incurred heavy losses or were forced into bankruptcy as contagion spread through the industry. But Cantor’s debut perhaps signals a new and more institution-friendly phase.

Wintermute is currently expanding its presence in the U.S., where a groundswell of movement is happening in crypto trading under Donald Trump’s pro-innovation administration.

Institutional demand for digital assets such as bitcoin, stablecoins, and select high beta altcoins continues to accelerate, driven by catalysts such as ETF developments and shifts in interest rate environments, said Wintermute CEO Evgeny Gaevoy.

“Given the capital intensive nature of our operations, especially OTC trading, which involves managing settlement windows and maintaining capital across multiple venues, the facility enhances our ability to hedge risks effectively across exchanges and maintain broad market coverage,” Gaevoy said in an email.

Read more: Wall Street Giant Cantor Debuts Bitcoin Lending Business With First Tranches to FalconX, Maple

BlackRock’s spot bitcoin (BTC) exchange-traded fund (ETF) listed on Nasdaq under the ticker IBIT rose 3.49% last week, snapping a four-week downtrend in trading volumes.

A total of 210.02 million shares changed hands in the week ended June 27, registering a 22.2% growth from the preceding week’s volume tally of 171.74 million shares, according to data source TradingView. That’s the first weekly growth since the third week of May.

The renewed upswing in volume comes amid continued demand for the ETF. Last week, IBIT registered a net inflow of $1.31 billion, following the preceding week’s tally of $1.23 billion. The largest publicly listed fund has amassed $3.74 billion in investor money this month, according to data source SoSoValue.

The 11 spot ETFs listed in the U.S. have collectively registered a net inflow of over $4 billion this month, marking the third consecutive monthly inflow.

The chart shows that IBIT has formed a bull flag, mimicking the bullish continuation pattern on the spot BTC price chart.

A breakout, if confirmed, would signal an extension of the bull run from early April lows near $42.98.