Main takeout:
Bitcoin Onchain data shows steady depletion of exchange and OTC balance and pointed out long -term accumulation and reinforcement supply.
BTC is closely wounded by the open interest of BTC, which is close to record high and liquidity drying, increasing the possibility of sharp movements.
Bitcoin (BTC) prices continued to rise despite the drop in trading volume to the lowest level since the start of the 2023-2026 cycle. The retail investor activities have been conquered, and the recent financing rates for permanent exchange on negative areas have been wiped out of negative areas. It is an unusual background for the price for the highest level.
But under the surface, Onchain data refers to the stealth accumulation stage. The market looks calm, but the supply side is quietly built. As Bitcoin Future Open Interest comes to the top of the record, the market is firmly coil and set a stage for perfect storms.
BTC continues to fall on the exchange
Even if BTC continues to increase, especially in the US, the number of bitcoins held on the centralized encryption exchange continues to decline. Since early 2025, the balance has dropped to 2.5 million BTC, down 14%.
This trend generally increases investor trust and long -term behavior. The coin moves to refrigerated storage or management wallet to reduce the supply of liquids that can be sold. Large companies often withdraw BTC after purchasing to strengthen the view that accumulation is in progress. If you can easily use the dumped coins, short -term sales pressure weakens.
Bitcoin, which can be purchased without prescription, plummet.
OTC (prescription prescription) desk, which facilitates large -scale exchange transactions, also shows signs of strengthening. This desk is generally operated in match with the buyer and the seller, but it depends on holding the BTC reserves to enable fast and reliable execution.
The reserves are currently at the lowest point of historical. According to Cryptoquant, OTC addresses related to miners have 134,252 BTCs since January. This data aggregation is introduced from two separate “one -hop” addresses connected to the mining pool, except for the miner itself and the centralized exchange address.
If Exchange and OTC liquidity are dried, the available floats are greatly reduced. In the rise market, this epidemiology can amplify price fluctuations by chasing assets that are increasingly lacking in demand.
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The rate of financing is slipped into a negative area.
In this strict supply environment, especially when the market is in the wrong way, even the right demand can move the price rapidly. The financing speed situation shows this well.
The rate of financing is a periodic payment between long and short traders in permanent futures contracts, reflecting the market direction prejudice. Positive rates have long been paid shorts, and are generally a sign of strong feelings. The sound speed shows short dominance and often signals local corrections.
But if negative funding matches the price increase of BTC, it’s a different story. It suggests that despite a short trader, the field market is absorbing sales pressure, which is a potential sign of strong basic demand.
This rare pattern appeared three times during this cycle, and each has surged significantly. The fourth case may have occurred recently. The financing rate was changed to negative between June 6 and 8, and BTC was shot from $ 104,000 to $ 110,000.
This kind of movement suggests that there may still be legs in the rally. In particular, if the short position continues to be liquidated, the price can be much higher.
The bitcoin market may seem quiet now, but that may be a point. Shrink liquid supply does not increase in Bitcoin in a happy investor sentiment or volume, but the inconsistency between leverage use and actual spot demand is increasing. In this kind of setting, forced liquidation or price dislocation of derivatives can cause more explosive movement.
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.