Bitcoin continues to trade below its recent all-time high due to selling pressure and macroeconomic developments keeping the asset in a consolidating state.
At the time of writing, the price of BTC is $104,835, down 2.1% over the past week and approximately 6.3% from the peak of $111,814 recorded last month. Despite the broader trend, on-chain data suggests emerging patterns that could signal what might happen next in the market.
Following the decision to maintain interest rates by the Federal Reserve in the latest policy meeting, analysts noted a divergence trend regarding Bitcoin's price and activity in the derivatives market.
Liquidity Clusters and Derivative De-Leveraging Shape Price Structure
According to Amr Taha, a contributor on CryptoQuant's QuickTake platform, BTC has fluctuated above the $104,000 support level, where strong demand appears to be absorbing selling pressure.
However, Taha points out that open interest on Binance has declined, forming a lower bottom, a sign that the derivatives market is undergoing a gradual de-leveraging process.
Taha's analysis highlights technical divergence: while prices remain relatively stable around $104,000, open interest has decreased. This divergence indicates that traders are reducing leveraged positions, possibly due to market instability or in response to the Fed's cautious stance.
Notably, the $104,000 region has emerged as an important liquidity pocket, with data showing that long positions are being liquidated en masse in this area. The dominance of long liquidations, with a few short liquidations, reflects the flight of recent newcomers trying to capitalize on the previous price surge.
The analyst argues that this de-leveraging phase could pave the way for a price recovery if macro conditions remain favorable. Historically, Bitcoin has reacted positively to pauses in interest rates, often continuing to rise when signs of seller exhaustion appear.
The stabilization of open interest, combined with the reduction in liquidations, could serve as a foundation for a new price rally in the near future.
Bitcoin Whale Activity on Binance and Changes in Market Behavior
In a separate analysis, another analyst at CryptoQuant, Oinonen, emphasized the increasing activity of whales on Binance. Since 2023, the whale ratio index on the exchange has surged significantly, from 0.08 in mid-2023 to 0.77 in 2025.
This change marks a 400% increase and indicates significant accumulation behavior among large holders. Whale cash flow and retention on Binance often coincide with long-term confidence during volatile market phases.
Moreover, data shows that during recent high-volatility spikes, Binance users tend to hold rather than exit positions. The inflow of funds to the platform remains low, especially from both whales and retail participants, indicating that market participants are refraining from panic selling and instead anticipating future price increases.