TLDR
- The BTC price remained above $ 110,000, supported by strong spot demand from US-based investors.
- The Coinbase Premium Index reached its highest level since March 2024, indicating sustained buying interest.
- Short-term holders rapidly accumulated BTC, pushing their holdings from 1.6 million to 1.87 million.
- Older coins aged between two and three years moved onchain, suggesting potential profit-taking.
- The STH-SOPR stayed below one, indicating that short-term holders are still selling at a loss.
BTC price stayed firm above $110,000 this week, supported by consistent spot demand and a strong Coinbase Premium Index. Despite a recent wave of liquidations, the premium on Coinbase rose to 0.18, the highest since March 2024. This indicates that large US-based investors are actively buying BTC between $100,000 and $110,000.
CryptoQuant reported a rapid increase in short-term holder (STH) accumulation during the dip, rising from 1.6 million BTC to 1.87 million BTC. This quick rise shows aggressive dip-buying from new investors, signaling confidence amid market pressure. Meanwhile, older BTC coins began moving again, creating short-term friction.
Nearly 7,343 BTC aged 2–3 years moved onchain this week, suggesting some long-term holders are selling or repositioning. This activity may temporarily restrict BTC price momentum despite strong support from other investor groups. “The selling pressure from older coins could act as a short-term hurdle,” noted analyst Maartunn.
BTC Price Holds Amid Mixed Market Signals
While STHs added BTC, onchain signals suggest active profit-taking continues, which slows down strong price recovery. The STH-SOPR remains below 1, meaning recent sellers are exiting with losses or marginal profits. Such behavior typically indicates hesitation among short-term participants.
Moreover, Binance’s net taker volume shows continued sell-side pressure, suggesting further profit realization by some traders. This development limits upside movement for BTC price even as accumulation stays robust. The overall sentiment remains neutral, but is closely aligned with potential near-term volatility.
At the same time, Coinbase Premium staying positive indicates steady demand in the US spot market. This divergence between spot buying and short-term selling suggests that market participants are acting on opposing views. Hence, BTC price maintains its current level while awaiting a clearer direction.
Derivatives market prepares for volatility as supply tightens
Data from CryptoQuant shows a record 5,620 BTC 30-day net outflow from exchanges, suggesting shrinking supply and long-term confidence. However, between Thursday and Wednesday, 364,000 BTC moved into derivative exchange wallets, led by Bitfinex, Bybit, and Binance. These movements indicate rising leverage preparations.
This dynamic between tightening supply and leveraged positioning suggests upcoming volatility in the BTC price action. While long-term sentiment stays bullish, short-term fluctuations are likely to increase. BTC price now faces an inflection point as traders prepare for more substantial market swings.
