Bitcoin
The bull market has stagnated.
Despite the surge Spot ETF inflowStablecoin market value, and Active regulatory development In the United States, trading by market value by market value, fluctuates between $100,000 and $110,000.
It’s a 42-day round trip transaction, over $100, the question is: who has been selling BTC and quietly offset the ETF inflows because they are on U.S. fiscal situation?
Alexander Blume, managing partner of Two Prime, a registered investment advisor at SEC, said BTC faces a unique world of participants’ work as it transitions from speculative buyers to long-term investors.
“In the recent geopolitical turmoil, speculators and exploiters are taking risks. Meanwhile, new long-term investors are buying dips,” Bloom told Coindesk. “It seems to be right that we are currently in equilibrium for these groups.”
Blockchain data Tracked by Glass Festival It shows that wallets with less than a year of coin history have recently increased profits. On Monday, the wallets accounted for 83% of the total realized profits. Additionally, wallets holding only six to 12 months of coins contributed $904 million to sales pressure on the market, the second highest total.
Short-term holders’ sales follow a more aggressive profit operation conducted by long-term holders in May and early this month. According to GlassNode, wallets holding coins realize profits of more than 12 months arrive It reached a peak of $1.2 billion last week. Last week, the associate realized only $324 million in profits.
“Long-term OG investors continue to sell to stable demand driven by ETFs, effectively absorbing inflows and controlling price action. This dynamic leads to compression of volatility, but breakthroughs are inevitable,” Markus Thielen, founder of Markus Thielen 10 times studya comment to clients on Thursday.
Miner uninstalls BTC
according to Data source intotheblock.
The balance held in miners’ wallets has dropped by about 1.91 million BTC from $1.94 million at the end of May, indicating that the entities had offloaded about 30,000 BTC in 20 days.
“Miners have to continue selling while managing USD liabilities, whether you believe it or not, whether you believe it or not. The key is quantity – is it sold on a large scale or buy it? It’s noise and speculative traffic that can be recovered very quickly,” Cypto Platform XBTO COINDESK COINDESK, Philippe Bekhazi.
Please note the share of miners in the total spot market volume Very small The lowest rate has reached its lowest point since 2022.
Accumulated booth for secondary alternatives
Overall, the massive accumulation observed during the initial run of Bitcoin neared $75,000 from its early April low, has stalled since the price fell into six figures.
“Once BTC breaks through $100,000, these same accumulation patterns start to weaken. The reason for the slowdown in price may be due to the availability of secondary alternatives. Funding rates are difficult to assemble, and having a fundraising position of 15-30% APY may be the 15-30% APY that stands out in the direction seems to be enough to stand out in the direction.
Delta neutral trading involves a short-lived permanent future and purchases assets in the spot market at the same time when futures trading at a premium to the spot price. Non-directional arbitrage strategies enable traders to take advantage of price differences while mitigating risks associated with price fluctuations.
Jimmy Yang, co-founder of the track market, said Bitcoin matures into a more stable asset class, which means it may not necessarily produce oversized returns. This may prompt some holders to divest into other assets.
“While the retention direction upside still exists, investors can no longer expect a 10-fold or 100-fold return in a short period of time. As a result, we have seen that some long-term holders are starting to divest a portion of their BTC holdings to diversify it into other asset classes such as fair, gold and private private locations – from Portfolio Aprospection Pospective Perspective Cooindess, this move can make a difference.”
What’s next?
According to Young, the market may not offer much excitement in the near future as cryptocurrencies continue to trade with stocks and broader risk sentiment.
Yang noted: “Both asset classes are hovering around all-time highs and BTC may follow if stocks break down. As the summer calms down, market activity is expected to remain unchanged in the near term.”
Blume said the BTC market could cool down as prices rose from $75,000 to more than $10,000 in the early weeks of the quarter.
“Also remember that Bitcoin rose from the 7.8 thousand van less than two months ago, so I hope it will be cool anyway. It says the price drop is shallow, and that’s the power of the next leg.”
According to Thielen, the key level of viewing is $102,000 on the downside, with a rise of $106,000.
