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BTC maintained a quiet presence last week as various narratives influenced market sentiment in differing directions.

The asset’s price dipped below $94,000 around 1 PM ET on Tuesday, reflecting a decrease of over 3% from the previous week.

Crypto exchange trading volumes fell to their lowest level since the US presidential election, according to Compass Point analysts in a Tuesday report.

Notably, US spot bitcoin ETFs experienced $580 million of net outflows last week, ending a six-week inflow streak as reported by Farside Investors.

Despite this, Crypto Twitter was abuzz with excitement about signs of institutional buying. The 13F filings, which indicate holdings of investment managers with at least $100 million in assets under management (AUM), provided insights into this shift.

For instance, the Abu Dhabi sovereign wealth fund, Mubadala Investment Co., held $437 million in BlackRock’s iShares Bitcoin Trust (IBIT) as of December 31.

Meanwhile, Wisconsin reported holding nearly 6.1 million shares of IBIT in Q4, nearly doubling its prior quarter’s holdings of 2.9 million shares.

Tudor Investment Corp also increased its BTC holdings significantly. The firm, founded by Paul Tudor Jones, raised its position in IBIT from 4.4 million shares in Q3 to 8 million shares (worth $427 million) in Q4.

Recalling a statement made by Jones during a CNBC Squawk Box appearance, he expressed his appreciation for investments that are “reliable, consistent, honest, and 100% certain.” At that time, he suggested a balanced allocation of 5% in gold, 5% in bitcoin, 5% in cash, and 5% in commodities.

In October 2023, Jones remarked that gold and BTC should constitute a larger portion of one’s portfolio due to the macroeconomic landscape and geopolitical tensions.

Tudor’s significant position in IBIT isn’t entirely surprising given Jones’s historical perspective. However, the scale of this investment as one of the firm’s largest single positions is noteworthy.

Returning to BTC’s price movements, the cryptocurrency remains significantly below its all-time high of approximately $109,000.

According to Mike Marshall, Amberdata’s head of research, liquidity has begun to accumulate around the $95,000 level, with ‘smart money’ investing while retail investors make smaller purchases.

Marshall attributes BTC’s current ‘quiet phase’ to investors awaiting more definitive economic data and a resurgence in market confidence. He suggests that improved CPI results for February and clarity on tariff issues may catalyze market movement.

The recent low-volatility trend in BTC resembles patterns observed in September/October 2023, and February, June, and October of 2024, posited Compass Point analysts Ed Engel and Joe Flynn.

They noted that past periods of pronounced volatility usually followed these low-volatility phases, with price increases occurring three times.

“Crypto prices often rally into the spring before declining into summer,” Engel and Flynn concluded. They also emphasized that BTC’s cost basis of $92,000 for short-term holders continues to provide strong support.