Bitcoin’s $100K hold explained: It’s not retail, it’s a liquidity shortage

Key Points

1. Bitcoin's liquidity on exchanges has significantly declined over the past 18 months, contributing to its sustained rally above $100k for 89 days.

2. Whales are in accumulation mode, with negative exchange balances (-73k BTC for whales, -19k BTC for mega whales), indicating reluctance to sell despite record profits.

3. Institutional demand from Spot ETFs, holding over 1.3 million BTC worth $149 billion, has compounded the liquidity shortage and pushed Bitcoin to new highs.

4. The Stock-to-Flow model projects a theoretical BTC price of $3.2 million, highlighting the impact of supply constraints on price growth.

5. AMBCrypto's analysis suggests BTC could reclaim the $117k resistance level and target a new all-time high if current demand trends continue.