Where does Bitcoin's "confidence" come from?
Unlike the severe volatility of traditional assets, Bitcoin has recently maintained a steady range of $92,000 to $97,000. On-chain data reveals three core supports:
Long-term holders remain inactive: Over the past month, the proportion of Bitcoin "sleeping addresses" (holdings that have not moved for a long time) has continued to rise, indicating that most early investors still have confidence in the future market, with selling pressure mainly coming from short-term profit-taking.
Cost range is highly concentrated: A dense accumulation of positions has formed a natural support within the current price range. Once it breaks down, a large amount of buying will quickly enter to support, while a breakout upwards may trigger short-covering.
Institutional demand is surging beneath the surface: Although the inflow of funds into spot ETFs has paused, the open interest in the derivatives market remains high, indicating that large funds are still positioning for medium to long-term trends.
