Bitcoin is currently testing a crucial resistance level around $76,800, a price point that has historically capped its rallies. According to data from CryptoQuant, this surge has been primarily driven by institutional and macro-driven ETF inflows rather than retail speculation. As Bitcoin approaches this pivotal level, large holders are increasingly depositing their coins into exchanges, indicating a potential sell-off at or near their breakeven points. This behavior suggests a late-cycle 'handoff' where long-term holders are distributing their assets into consistent ETF demand, which could lead to a rapid increase in prices but also leaves Bitcoin vulnerable to a pullback toward the low-$70,000s if selling pressure intensifies. The recent rally has seen Bitcoin rise nearly 10% this month, but the momentum has stalled as cautious sentiment grows among investors, reflected in uneven demand across exchanges and a preference for put options in derivatives markets.