Bitcoin stays above $100K as short-term holders dump 800K BTC and demand momentum sinks to a record low of negative 2 million.
Long-term holders maintain conviction despite extreme momentum lows, reinforcing Bitcoin’s strength during this consolidation phase.
The market shows signs of stabilizing as price and on-chain indicators suggest consolidation rather than the end of the bull cycle.
Bitcoin remains above $100,000 despite recording the most negative demand momentum in its market history, according to CryptoQuant. Short-term holders (STHs) have offloaded over 800,000 BTC since May 27, reflecting a sharp decline in new demand. The demand momentum indicator has now dropped to -2 million, its lowest level ever. This contrast between high price and deep negative momentum creates a rare and complex market condition. Meanwhile, long-term holders show resilience, indicating confidence in Bitcoin’s trend.
Source: Cointelegraph(X)
Sharp Divergence Between Price and Demand
Bitcoin’s current market structure departs from previous cycles. From 2020 to 2025, demand momentum aligned with price action. Early 2021 saw a historic surge in momentum as Bitcoin rose from $10,000 to over $60,000. However, this phase reversed in mid-2021, leading to a prolonged downtrend through 2022. Bitcoin then bottomed out near $15,000 as momentum turned deeply negative.
Besides, recovery began in late 2022. The price started climbing steadily, supported by alternating momentum phases. Another bullish breakout emerged in late 2023 and early 2024, pushing Bitcoin close to $70,000. Consequently, momentum surged again, confirming strong market interest.
However, mid-2024 reversed with momentum indicator collapsing, reaching historic lows despite Bitcoin’s price climbing past $100,000. This sharp divergence signals a breakdown in traditional market behavior. It suggests that price gains may not reflect genuine demand from new participants.
Long-Term Holders Signal Continued Confidence
Moreover, on-chain data reveals conviction from long-term holders. The 30-day Binary CDD moving average remains well below the critical 0.8 threshold. Historically, values above 0.8 indicated overheated markets and looming corrections. Currently, the Binary CDD peaked near 0.6 and is now declining. Hence, this drop implies a lack of excessive profit-taking or panic selling.
Source: CryptoQuant
Additionally, the 30-day simple moving average of demand momentum confirms the downward trend but also suggests potential stabilization. This phase appears more like a consolidation zone than a market top. Importantly, Bitcoin’s price has bounced from $98,000 to above $100,000 again.
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