Analyzing why Bitcoin prices hold strong despite 40K BTC sell-off
Main Idea
Despite significant sell-side pressure with over 40,000 BTC hitting exchanges and reactivation of ancient wallets, Bitcoin's price remained stable above $110,000, supported by balanced market conditions and rising Open Interest.
Key Points
1. Over 40,000 BTC was sold on exchanges this week, yet Bitcoin's price held above $110,000, indicating strong market resilience.
2. Funding Rates across major derivatives exchanges remained flat to mildly positive, suggesting a balanced market with no excessive leverage.
3. Bybit's Open Interest surged by $1.52 billion in 24 hours, setting a new platform high, despite the price dip.
4. Ancient wallets reactivated, with 3.9K BTC from 10+ year-old wallets moving on-chain, adding to sell-side pressure.
5. Whale and OTC desk flows remained active, contributing to the market's ability to absorb the sell pressure without a significant price drop.
Description
A wave of sell-side pressure tests the market’s nerves, but flat funding and leveraged bets hint at a volatile setup ahead.
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