Bitcoin’s climb past $111,000 has not scared away bulls on major exchanges, according to fresh on-chain analytics.
CVD Points to Sustained Buy-Side Control
CryptoQuant’s 90-day cumulative volume delta reveals that taker-buy orders have overtaken sellers since mid-May.
The metric flipped from neutral to decisively positive as Bitcoin burst through $110 K, signaling aggressive spot demand even after a 50 percent rally in two months.
“In short: Buy orders have become dominant again,” analyst Ibrahim Cosar wrote.
“This generally signals that the uptrend may continue.”
Short-Term Holders Back in Profit and Holding On
Glassnode data show short-term holders — wallets active within the past six months — recovered their average cost basis at just under $100 K.
Historically, reclaiming that level acts as a “buy-the-dip” trigger in bull markets, and this time appears no different.
Older coins also stayed mostly dormant, suggesting veteran investors are in no hurry to realize gains.
Daily profit-taking, research shows, is roughly half what it was when Bitcoin first touched $100 K in December 2024.
Sentiment Stronger Than at First $100K Test
Analysts note a stark contrast with last December, when spot liquidity thinned and sell walls emerged quickly.
This week, order books remained tilted to the bid side, and dormant supply barely budged.
That combination hints at “another wave” higher if macro conditions remain benign.
Risks Still Lurk Beneath the Surface
Skeptics warn that leverage ratios across perpetual futures have crept to quarterly highs, leaving the market vulnerable to forced liquidations.
A downdraft below $100 K could flush out late longs in dramatic fashion.
Even so, bulls argue that structural demand from ETFs and corporates changes the calculus compared with prior cycles.
For now, the data say buyers are still calling the tune.