Recent on-chain data and exchange activity reveal significant shifts in the Bitcoin market, highlighting Binance's growing dominance, renewed accumulation by long-term holders (LTHs), and substantial BTC withdrawals from major exchanges. These developments suggest a bullish undercurrent despite short-term volatility.
Binance Expands Its Spot Market Share to 35%:
Since the beginning of June, Binance has increased its share of Bitcoin spot trading volume from 26% to 35%, consolidating its position as the leading exchange. This surge coincides with heightened trading activity as BTC tests key resistance levels.
LTH Realized Cap Net Position Flips Back Above $20B:
The Long-Term Holder (LTH) Net Position Realized metric has crossed $20 billion, signaling renewed confidence among Bitcoin's most steadfast investors.
Why This Matters:
* LTHs are entities holding BTC for more than 155 days, often considered "smart money.
* The metric tracks the realized cap of coins held by LTHs, and its rise suggests accumulation rather than distribution.
* Historically, LTH accumulation precedes bullish continuation phases, as these investors refrain from selling during minor pullbacks.
Massive BTC Withdrawals: Kraken and Bitfinex See Over 20,000 BTC Exits:
In two consecutive days, Kraken and Bitfinex witnessed net outflows exceeding 20,000 BTC, one of the largest short-term withdrawal spikes in recent months.
Connecting the Dots: Bullish Signals Align
The convergence of rising exchange dominance, long-term holder confidence, and supply tightening paints a bullish picture for Bitcoin. While short-term corrections are possible, the underlying demand and reduction in available BTC on exchanges suggest that the uptrend is far from over.
Written by Amr Taha
