The marginal bitcoin seller may be done liquidating, analysts say

After bitcoin's BTC $ 62,490.34 28% slump this year, there are signs the wave of panic selling that has weighed on the market for months may finally be coming to an end.

The first is that bitcoin's price held steady over the weekend even as U.S.-Iran hostilities escalated and crude prices spiked on Hyperliquid. That solidity contrasts with March and April, when similar escalations between the two nations and oil rallies sent the largest cryptocurrency sliding.

"BTC held $62k through rounds of US airstrikes and a Hormuz closure, barely flinching. The weak hands look gone," said Jasper De Maere, an over-the-counter trader at Wintermute, said in an email.

The second sign comes from U.S.-listed spot bitcoin exchange-traded funds. Last week, they pulled in a net $197.40 million of investor money, the first net inflows after eight straight weeks of outflows.

"The eight-week ETF outflow streak broke. One turn, not a trend, but the marginal seller is drying up," De Mare noted, referring to investors willing to sell even as the price drops, eroding their profits. Once the marginal seller leaves the market, there's nothing left for buyers at that price.