Key takeaways:
US spot demand on Coinbase keeps Bitcoin stable above $110,000.
7,300 inactive BTC have moved, indicating potential profit-taking.
Derivatives wallets mobilized 364,000 BTC, suggesting impending volatility.
Bitcoin (BTC) has maintained its position above $110,000, supported by robust spot demand from US investors. The Coinbase Premium Index, which measures the price differences of BTC on Coinbase compared to global exchanges, has remained consistently positive during recent market sell-offs.
On Oct. 10, the index surged to 0.18, marking its highest level since March 2024, indicating that significant spot bids were filled between $110,000 and $100,000 despite market turmoil. A positive premium generally reflects ongoing US buying interest, bolstering near-term market stability.
Further supporting this view, on-chain data from CryptoQuant indicated a sharp accumulation among short-term holders (STHs), particularly wallets that have held BTC for under a month. Following the recent dip, STH supply increased from 1.6 million BTC to over 1.87 million BTC in just a few days, highlighting strong dip-buying activity.
However, older coins are also being moved again, introducing a potential source of short-term tension. Approximately 7,343 BTC aged two to three years were transferred on-chain this week, indicating that some long-term holders might be taking profits or restructuring their positions.
According to crypto analyst Maartunn, Binance’s net taker volume shows persistent selling pressure, while the short-term holder Spent Output Profit Ratio (STH-SOPR), which tracks whether recent spenders are selling at a profit or loss, remains below 1.
This suggests that active profit-taking is still prevalent among STHs, a situation that has temporarily limited credible recovery momentum despite strong accumulation from other market participants.
Related: DOGE holders are buying dips: Is $1.60 by 2026 realistic?
364,000 “mobilized” BTC indicates conflicting scenarios
Meanwhile, data from CryptoQuant revealed a dual narrative for Bitcoin, where steady accumulation meets the prospect of short-term volatility. The 30-day Netflow simple moving average (SMA) indicates a historic outflow of 5,620 BTC, suggesting long-term holder confidence and declining exchange supply, while a contrasting trend is emerging within the derivatives sector.
From Oct. 9 to Oct. 14, around 364,000 BTC was moved within the internal wallets of derivatives exchanges, predominantly Bitfinex (210,000 BTC), Bybit (108,000 BTC), and Binance (37,000 BTC). These transactions reflect traders preparing margin accounts with existing assets for significant leveraged positions.
This tension between a tightening supply and rising derivatives activity sets the stage for increased volatility. While the overarching trend remains bullish, the immediate outlook suggests an approaching turning point for BTC.
Related: Bitcoin’s ‘Uptober’ vibes hinge on Fed rate cut odds, Nasdaq and tech stocks’ response
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
