Sharp price movements are noteworthy in Bitcoin, which continued its rise throughout June. The cryptocurrency, which has gained approximately 10 percent in value since the beginning of the month, lost momentum in its rise after approaching the $ 75,000 level. Although new peaks have been reached, especially in the US stock markets, this stagnation in Bitcoin indicates that different factors are at play in the market.
On-chain data and strong profit sales
Indicators tracking movements on the blockchain reveal that investors who took advantage of the recent rally are turning to profit sales. The indicator called ‘realized profit/loss’ calculates the gain or loss placed by investors by comparing the value of the carried coins when they changed hands with the price in their last movement. Analysis shows that the 30-day exponential moving average of this indicator is at 1.16. This level indicates that the market is strongly moving towards realization, that is, investors sell some of their assets and transfer the profit to the cash register.
The report states, “It is stated that profit taking has increased, the 30-day exponential moving average is at 1.16, and investors have turned the rise into an opportunity. In order for the market to absorb this supply, Bitcoin will need to rise above $ 78,100 sustainably.” statements are included.
Tuesday saw one of the biggest sales this year, with realized profits reaching $1.14 billion, when Bitcoin briefly tested $76,000. This figure shows that at current price levels, a significant portion of investors have switched to a selling tendency.
Market demand and stock market divergence
It is also emphasized that despite the profit selling indicated by on-chain indicators, not all investor movements mean direct sales. These profits can also occur when funds are moved between wallets or exchanges. However, the current picture supports the loss of momentum in price movements and the increase in sales pressure.
The distribution of demand in the spot market also attracts attention. According to Glassnode data, while buyer appetite is especially concentrated on Binance, it does not reach this level on Coinbase and other platforms. This divergence shows that bulk buying interest is prominent on some exchanges, but has not spread across the market.
In addition, the ‘cumulative volume delta’ indicator, which monitors the balance of demand and offer in the market, confirms that the search for liquidity is concentrated mainly on certain platforms.
Derivatives market signals in cautious mood
Indecision stands out in investor sentiment. Vikram Subburaj, CEO of Giottus, a stock exchange based in India and registered with the Financial Intelligence Unit (FIU), stated that the risk appetite has not fully returned while evaluating the latest developments. Subburaj cited the fact that funding rates are still slightly negative and the slowdown of on-chain movements as evidence that consolidation is continuing in the market.
Subburaj said, “Funding rates are negative, traders are cautious and long positions have not yet gained weight. The stagnation in on-chain activities suggests that the cooling and consolidation in the market continues.” He speaks as follows.
Selling pressure is also evident in the derivatives market. The trend towards put options continues strongly in Deribit across all maturities. This indicates that investors’ downward risk hedging tendency continues. As a result, ongoing profit taking, regional demands in the spot market and cautious positioning in derivatives show that buyers are still not fully dominant in meeting the supply.
