BTC flatlines at $106K; Bitcoin Pepe frenzy peaks with just 1 day left to buy

Bitcoin (BTC) is hovering near $106,000 on Friday after three straight days of declines that have dragged prices down by nearly 3% this week. The pullback comes amid a rise in profit-taking activity, with data showing that BTC holders selling has reached a three-month high. Despite this near-term selling pressure, institutional interest in Bitcoin remains solid. Firms like Strategy (formerly MicroStrategy) and GameStop have been adding BTC to their corporate treasuries, underscoring continued confidence in the asset’s long-term value. According to Glassnode’s latest weekly report, investor profitability and spending behavior have picked up meaningfully, though current metrics remain well below levels typically seen at the peak of prior bull markets. This suggests that while short-term corrections are underway, the broader uptrend remains intact with room for further upside if institutional accumulation continues. As Bitcoin remains range-bound and profit-taking sets in following its recent gains, retail attention is shifting toward emerging and unique narratives like Bitcoin Pepe, which is nearing the end of its presale. The flagship cryptocurrency’s increasing maturity, declining volatility, and deepening institutional involvement have diluted its appeal among investors chasing explosive upside potential. This dynamic is evident in Bitcoin’s current inability to break out decisively despite broader market optimism. Meanwhile, early-stage tokens such as Bitcoin Pepe are drawing speculative capital from traders willing to tolerate some risk in pursuit of potentially outsized gains. BTC ETFs inflow streak broken US spot Bitcoin ETFs recorded $358.6 million in net outflows on Thursday, marking the end of a 10-day streak of positive flows that had brought in a combined $4.26 billion. The reversal underscores a shift in investor sentiment after a sustained period of inflows, largely driven by BlackRock’s iShares Bitcoin Trust (IBIT). IBIT was the only fund to post net inflows on the day, attracting $125 million, according to data from SoSoValue. In contrast, Fidelity’s FBTC led the day’s outflows with $166.32 million exiting the fund. Grayscale’s GBTC followed with $107.53 million in net redemptions, while Ark and 21Shares’ ARKB saw $89.22 million in outflows. Bitwise’s BITB posted $70.85 million in redemptions, with additional withdrawals reported from ETFs issued by VanEck, Valkyrie, Invesco, and Franklin Templeton. As of Wednesday, total net inflows across the 12 spot Bitcoin ETFs had reached $45.34 billion. With Thursday’s outflows, the cumulative figure dropped to $44.99 billion. Bitcoin Pepe: time to buy in? Even as Bitcoin stabilizes, its recent push to new highs is once again lifting sentiment across the crypto market — a trend that has historically preceded broader rallies. As capital rotates back into digital assets, speculative segments such as meme coins are drawing heightened investor interest. Bitcoin Pepe is emerging as a key beneficiary of this shift. As the first meme-centric Layer 2 built on the Bitcoin network, Bitcoin Pepe positions itself at the intersection of meme culture and blockchain utility. The project seeks to merge Bitcoin’s security with Solana-like scalability — a technical edge that sets it apart from most meme tokens, which typically lack infrastructure. To develop its Layer 2 ecosystem, Bitcoin Pepe has announced a string of strategic partnerships. These include partnerships with Super Meme, Catamoto, and Plena Finance. A collaboration with the GETE Network also aims to extend Bitcoin Pepe’s reach into the cross-chain Web3 gaming space. The project’s attempt to combine real-world utility with viral meme appeal appears to be gaining traction. Its ongoing presale has raised over $12.4 million, with BPEP tokens currently priced at $0.0377. With just over a day left until the presale ends on May 31, 2025, Bitcoin Pepe is drawing increased attention. A listing on centralized exchanges is expected soon after, a potential near-term catalyst for price action. The post BTC flatlines at $106K; Bitcoin Pepe frenzy peaks with just 1 day left to buy appeared first on Invezz

Source: Invezz