Recent data on Bitcoin market conditions show a significant price drop, yet long-term holders are showing confidence by accumulating the asset.
Bitcoin Price and Long-Term Holder Market
Bitcoin is currently trading at $114,418.76 after a decline of 3.84% over the past week. This drop is attributed to increasing short-term pressures on the asset. However, CryptoQuant data indicates that long-term holders maintain high unrealized profits, suggesting an ongoing bullish macro trend.
Demand and Liquidity in the Market
Current demand for Bitcoin remains positive, with over 160,000 BTC accumulated in the past 30 days, according to CryptoQuant metrics. Sell-side liquidity is declining, with total BTC held across exchanges and GBTC dropping below 150,000. This reduction in supply makes available Bitcoin for selling scarce, potentially supporting long-term price growth.
Trader Sentiment Overview
Binance Futures data shows that 60.65% of accounts are in long positions, indicating bullish sentiment among retail traders. Despite a 3.57% drop in Bitcoin's price since August 1, traders maintain confidence as evidenced by a 20% increase in long positions at Bitfinex during this decline.
While Bitcoin's price has decreased in the short term, long-term indicators suggest a sustained confidence in this asset. Accumulation by holders is likely to continue, which may contribute to future price increases.
