- Bitcoin saw persistent purchasing pressure among holders in the long term and reduced sale of short -term holders.
- The persistent negative exchange flow was another sign of accumulation.
Bitcoin [BTC] Investors have not lost faith in the constant bullishness of the leading crypto. Despite the actions above $ 100k Mark, the public excitement was low, according to low interest rates on Google Trends for BTC.
Chatter on X (formerly Twitter) suggested a threatening double top near $ 108k, with a mirroring of the Cyclust top of 2021. But the data on the chain told another story.
Source: Axel Adler JR on X
BTC exchange flow remained negative, for example.
Persistent Bitcoin recordings of fairs Since March, that meant the Netflow was negative.
Since March, the net outflows remained, with more than 3.6k BTC that left exchanges every day – striking signs of investor confidence.
There was a good reason to stay bullish
The steady negative exchange Netflow was a bullish signal, but not the only one.
Holders in the short term also started to call back their profit.
According to the short -term profit to exchange statistics, the profit fell sharply in the past two weeks.
When BTC was approaching the $ 11k marking for the first time, the profit winning current reached 49.5k BTC. While the price fluctuated around $ 108k by the end of May, the spikes on the graph lowered from 32k BTC to 3.4k BTC at the beginning of June.
This was a sign that STH sellers were exhausted, although Bitcoin acted around $ 105k.
In the meantime, long -term holders did the opposite.
From April, the 30-day net position change was reversed positively, with a net profit of 535k BTC.
This meant that whales and large investors no longer sell BTC, such as at the end of 2024, and started to accumulate instead.
Increased companies from long -term players were a pointer they had expected bullishness in the coming weeks.
That was of course not without precedent.
In October 2023 and September-October 2024 we saw the net position growth for LTHS. It was followed by fast rallies and another could brew.