Is Paper Bitcoin Behind The Stagnant Bitcoin Price?

Bitcoin has left many investors in confusion in recent weeks. Despite the great accumulation by institutions and treasury companies, Bitcoin price remained stuck in side work. Is this the result of “paper bitcoin”, or are we simply witnessing payment and withdrawal of supply and demand?

In my latest video analysis, Paper Bitcoin destroys the bitcoin marketDig the data on the chain, hide the cabinet, and activity of derivatives to separate the truth from the plot and explain what really pays the price of bitcoin.

Institutional accumulation against the stagnation of the bitcoin price

During the past few months, ETFS and Treasury companies I accumulated what is estimated 200,000 BTC. For perspective, Total Treasury Holdings now sits shy of a million bitcoin. However, despite these flows, the Bitcoin price was settled after touching its highest levels ever at all times that exceed $ 120,000 before recovering to $ 108,000.

Why is this institutional demand not reflected in the price of bitcoin? The answer is to make profit by long -term holders. Since July, more than 450,000 BTC They moved from long -term governor to the hands of the most recent market participants. This distribution has effectively neutralizing the budget impact of institutional flows on the price of bitcoin.

Their holders get the profits

Data on the series show a clear sale of bitcoin dust to From four to ten years. These investors have accumulated at much lower prices and are now achieving profits as the bitcoin price is paid to a standard area.

This style is not a new thing. Historically, long -term holders reduce exposure as the retail price and institutions are higher than bitcoin, only to re -accumulate them as soon as the market cools. present Hodl waves data It indicates that the pressure pressure from this group is AccelerationAdd weight to the Sideways Chop that we have seen at Bitcoin price.

Derivative

Another drag on Bitcoin is the high futures activity and options. Since July, the open interest in derivatives has increased almost 5000 BTC Through stock exchanges. Although this is not direct evidence of “bitcoin currencies”, this means that the capital flows into raised bets instead of immediate accumulation, which limits the bullish pressure on the price of bitcoin.

The future CME markets and options also expanded significantly, which increased the impact of derivatives on the movements of short -term bitcoin. The net effect: more liquidity is linked to contracts, purchase of less direct purchase on the BTC itself.

Offer and demand for movement

Therefore, is the bitcoin price manipulation through paper claims? Evidence does not strongly support this conclusion. What we see is Economy in real time to demand and demand At work:

• ~ 200,000 BTC accumulated By institutions.
• ~ 450,000 BTC distributed By long -term holders.
• 5000 BTC has been linked In the markets of derivatives.

Add it, and this explains the reason for stopping the price of bitcoin despite the institutional demand that puts the title.

What is the next bitcoin price?

While the current conditions indicate more volatile monotheism in the short term, this does not seem to be the highest market. If the financing rates have turned negative, the short pressure can nourish another leg higher in Bitcoin price. However, at the present time, the imbalance between accumulation and distribution indicates that side procedures may continue.

Zoom, the bitcoin market is still intact. Investors should remember anxious “paper bitcoin”: the accumulation of the stain occurs, and without that, the price of bitcoin is likely to be much lower than it is today.

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Liability: This article is intended for media purposes only and should not be considered financial advice. Always perform your research before making any investment decisions.