BTC Sees Modest Gains, But Demand Signals Caution
After staging a short-term comeback, Bitcoin (BTC) briefly reached a weekly high of $114,800. As of writing, BTC is trading at $113,541, marking a modest 1.16% increase in the past 24 hours. Despite this upward move, underlying demand indicators point to potential weakness.
According to data from CryptoQuant, Bitcoin’s Taker Buy Volume has declined for ten straight months, reaching its lowest point since early 2024. This prolonged drop suggests fading buyer interest and heightened caution across major exchanges, especially Binance.
SOPR Fails to Cross Key Threshold
Market analyst Axel Adler noted that Bitcoin’s Spent Output Profit Ratio (SOPR) has consistently failed to rise above 1. “When SOPR rises above 1, breakeven holders become profitable, often triggering profit-taking and amplifying selling pressure,” he explained. This indicates active selling at a time when buyer support appears thin.
Data from Checkonchain reveals that mid-sized holders, often referred to as “sharks,” are leading the current wave of selling. Despite some outflows from whales, the most significant activity comes from smaller cohorts. Notably, Fish, Crabs, and Shrimps collectively moved over 13K BTC out of their wallets—suggesting growing bearish sentiment among retail investors.
As highlighted by AMBCrypto, Bitcoin now stands at a pivotal point. With declining demand and aggressive selling, BTC risks either a sharp correction or entering a prolonged consolidation phase. If selling pressure increases, prices could fall toward the $111,054 support level.
