Bitcoin Approaches New Highs, How Do Traders View It?

Driven by regulatory breakthroughs, structural capital inflows, and a recovery in market confidence, Bitcoin is once again approaching its historical highs. With the progress of the 'GENIUS Stablecoin Act' to the final voting stage in the Senate, a channel for hundreds of billions of dollars to flow into the crypto market is about to open. The U.S. SEC has also simultaneously initiated a new round of crypto regulation drafting, releasing unprecedentedly friendly policy signals.

Meanwhile, on-chain data shows that Bitcoin's illiquid supply has reached new highs, with chips steadily migrating from short-term speculators to long-term holders. Spot ETFs continue to attract capital, and funding rates are running at low levels, indicating that this round of price increases is not overheated, but rather driven by institutional buying and structural tightening.

Bitcoin is moving away from early speculative logic, entering a more mature, stable, and capital-driven new cycle. While market sentiment remains restrained and volatility has yet to expand, traders and institutions have differing views on new highs. BlockBeats has compiled this information for readers' reference.

BTC's current total network position is finally nearing historical highs!

There is still a potential increase of 2.9 billion dollars from the previous position of 69.568 billion dollars when the price broke new highs;

The current price is only 2000 dollars away from breaking new highs, so even if driven entirely by futures, it may not necessarily lead to a 2.9 billion dollar increase in position, meaning it is difficult to form a divergence between position and price here;

If the price experiences a pullback, and after the pullback the position begins to gradually increase or even exceed historical highs, then a position divergence could occur. Such large structural bull-top divergences were seen at the end of 2021.

So the current logic is simple: when the position breaks new highs before the price does, it indicates that the market is still not experiencing excessive FOMO, which is very healthy!

And if the position breaks new highs before the price does, it indicates that speculative sentiment is too strong, making it easy for a liquidation of positions to occur.