Binance Futures: Open Interest Fails to Break Key Resistance:
The Binance BTC Open Interest (OI) chart highlights a critical resistance level at $11.5 billion, which futures traders have struggled to breach.
Recent data shows that traders on Binance have been closing their positions near the same levels observed on June 10th, indicating a lack of sustained bullish momentum.
Whale Movements: Large Holders Lead Distribution Phase:
* Entities holding >10k BTC reduced their exposure by selling approximately 12,000 BTC on July 3rd, signaling a potential profit-taking phase or strategic reallocation.
* These large players, often institutional investors or whales, typically execute transactions exceeding 10,000 BTC per trade, making their actions highly impactful on market sentiment.
* Similarly, the 1k~10k BTC cohort began offloading around 14,000 BTC starting June 30th, further reinforcing the distribution trend.
* This reduction in exposure suggests caution among mid-sized whales.
Short-Term Holders Positions Surge While Long-Term Holders Retreat:
A notable divergence emerged in early July:
* Short-term holders (STH) increased their Bitcoin exposure by approximately 382,000 BTC, reflecting renewed retail interest.
* Meanwhile, long-term holders (LTH) reduced their positions by a similar amount, suggesting profit-taking or risk management.
This shift indicates that retail investors are stepping in as institutional and long-term players scale back, possibly viewing recent price dips as buying opportunities.
Conclusion: Retail Traders Drive July’s Early Momentum Amid Whale Caution:
Retail traders have shown increased activity during the first week of July, coinciding with the release of the latest US jobs and unemployment data.
This suggests that many interpreted these macroeconomic figures as bullish signals for Bitcoin, potentially expecting looser monetary policy or persistent economic uncertainty to drive BTC demand higher in the short to medium term.
Written by Amr Taha
