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- <a href="https://xpertsstudio.com/bitcoin-sth-whale-sits-at-9-07b-unrealized-profit-but-why-is-it-concerning/” title=”Bitcoin STH Whale Sits at $9.07B Unrealized Profit, But Why Is It Concerning?”>Bitcoin’s market structure remains positive, but spot demand has yet to confirm the upside move, CryptoQuant said.
- Large investors continue to accumulate the leading cryptocurrency, while retail participants are mostly selling the asset.
- For a decisive Bitcoin breakout, spot demand needs to absorb the available supply around $82,000–$83,000, experts noted.
Bitcoin’s market structure remains constructive, but further growth will depend on stronger spot demand. CryptoQuant analysts said so.
Large Investors Continue to Buy
According to the analysts, bitcoin holdings in spot ETFs continue to rise, pointing to steady absorption of the asset by institutional investors. At the same time, a noticeable “buy wall” is forming around current price levels from large players.
Meanwhile, the negative reading for Bitcoin spot demand continues to worsen. CryptoQuant estimates that the main driver is selling by retail investors.
Accumulation by large investors is increasing, while bitcoin holdings among retail participants are declining. Analysts noted that the latter keep selling coins even as the price rises.
“They are used to declines and sell off assets during these upward moves,” CryptoQuant said.
Bitcoin reserves on Binance remain elevated — around 685,000–687,000 BTC. The average seven-day net bitcoin inflow to the exchange increased to about 593 BTC.
At the same time, stablecoin inflows are also rising. This means that both the potential supply of the leading cryptocurrency for sale and market participants’ buying power are increasing in tandem.
The situation in the derivatives market has partially shifted. Funding rates turned negative, and open interest in the asset fell from about $27.5 billion to $25.7 billion over September 4–5.
However, open interest in bitcoin on Binance recently surpassed $10 billion, reaching a six-month high. Therefore, experts noted that the current price rebound cannot yet be fully described as spot-driven.
Bitcoin will test the $82,000–$83,000 level
According to CryptoQuant, the key test for bitcoin will be whether spot demand can absorb the available supply and confidently push the price through the $82,000–$83,000 range.
Analysts warned that if the negative trend in spot demand persists, bitcoin’s upward move could break down. At the same time, large investors continue to accumulate the asset.
As a reminder, earlier Arthur Hayes said that money printing in the US will push bitcoin to $500,000.
Source: incrypted.com