The Bitcoin market is showing growth, with increased Binance dominance and long-term holders accumulating assets. Bitcoin is trading at $105,781.85.
Market Dynamics of Bitcoin
According to CryptoQuant data, Binance's share in the Bitcoin spot market has sharply increased from 26% to 35%. This rise occurred in early June and is associated with heightened trading activity. Analysts interpret this as a reflection of investor interest as Bitcoin continues to test resistance near $110,000.
Accumulation Signals from Long-term Holders
Data also shows that long-term holders (LTHs) are increasing their assets. The recent LTH Net Position Realized Cap crossed $20 billion, signaling strong retention rather than profit-taking. Long-term holders are often seen as 'smart money' given their strategic holding even at peaks, reflecting expectations for future gains.
Supply Tightening on Exchanges
Further supporting the bullish case, large BTC withdrawals have been recorded from major exchanges. In just two days, Kraken and Bitfinex saw combined outflows exceeding 20,000 BTC. This suggests a tightening supply as coins are likely moving to cold storage rather than being prepared for sale.
Bitcoin demonstrates positive dynamics, supported by Binance's increased dominance and accumulation by long-term holders. With rising prices and tightening supply, the market may see further price hikes.
