Key Takeaways:
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US Spot Demand on Coinbase keeps Bitcoin anchored above $110,000.
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7,300 Dormant BTC Transferred, indicating profit taking.
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Derivatives wallets mobilized 364,000 BTC, which signaled volatility.
Bitcoin (BTC) continues to strengthen its foot above $ 110,000, boosted by strong demand in the area from US-based investors. The Coinbase Premium Index.
On October 10, the index rose to 0.18, the highest reading since March 2024, suggesting that large bid areas were actively filled between $110,000 and $100,000 despite the panic in the market. A positive premium is usually a signal that keeps us buying interest, reinforcing near-term market elasticity.
Supporting this narrative, onchain data from cryptoquant highlighted The rapid accumulation in short-term holders (STHS), particularly wallets holding BTC for under a month. Following the recent correction, STH supply surged from 1.6 million BTC to over 1.87 million BTC within days, underscoring the aggressive buying behavior.
However, older coins It begins to move again, introducing a potential source of short-term friction. More than 7,343 BTC aged between two and three years were reactivated and moved onchain this week, a sign that some long-term holders may realize profits or repose.
According to Crypto Analysts market dayBinance’s net taker volume indicates continued selling pressure, while the short-term holder spent output profit ratio (STH-SOPR), which measures whether recent spenders sell at a profit or loss, remains below 1.
Proposed active profit-taking is still prevalent among STHs, a dynamic that temporarily capped the credible momentum of the recovery despite the strong ascent of accumulation by other participants.
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364,000 “Mobilized” BTC Signals conflicting scenarios
Meanwhile, data from cryptoquant painted A dual narrative for Bitcoin, with one of steady accumulation clashing with looming short-term volatility. While the 30-day Netflow Simple Moving Average (SMA) shows a historic inflow of 5,620 BTC, the sign of long-term owner confidence and contraction of the exchange supply, a contradictory trend unfolds in the derivatives arena.
From October 9 to October 14, approximately 364,000 BTC were transferred within the internal wallets of Derivatives Exchanges, mainly Bitfinex (210,000 BTC), bybit (108,000 BTC), and Binance (37,000 BTC). These movements reflect traders arming margin accounts with existing capital to prepare for significant leveraged positions.
This clash between a tight supply base and swelling derivatives activity sets the stage for higher volatility. While the macro trend remains bullish, the near-term setup suggests an approaching inflection 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 do their own research when making decisions.
