Analyzing why Bitcoin prices hold strong despite 40K BTC sell-off

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.