A wave of sell-side pressure tests the market’s nerves, but flat funding and leveraged bets hint at a volatile setup ahead.
Key takeaways
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Bitcoin faced intense sell-side pressure this week, with over 40,000 BTC hitting exchanges and ancient wallets reactivating. Despite this, BTC held above $110,000, supported by rising Open Interest (especially on Bybit) and neutral Funding Rates that indicate a balanced, if tense, market.
Bitcoin [BTC] just took a punch – over 40,000 BTC landed on exchanges this week
Despite that, BTC continued to trade above $110,000, down from its recent peak near $123,471.
What’s keeping the market from breaking? For one, whale and OTC desk flows remain active. Here’s a closer look at what’s driving the pressure and the support!
Funding Rates flatline as Bitcoin holds above $110K
Despite a wave of sell pressure and large spot inflows to exchanges, Bitcoin Funding Rates across major derivatives exchanges like OKX, Binance, and Bybit have remained flat to mildly positive.
Source: CryptoQuant
This suggests a pause in excessive leverage and reflects a more balanced market. Liquidation data backs this up – there’s little sign of forced selling.
Combined, these indicators point to a market in consolidation mode, possibly preparing for the next leg once the summer lull breaks.
Bybit Open Interest surges as price dips
Source: Alphractal
Meanwhile, even as prices slipped from recent highs, Open Interest (OI) across derivatives markets has surged – led almost entirely by Bybit. In the past 24 hours alone, Bybit OI spiked by $1.52 billion, setting a new platform high.
Source: Alphractal
Typically, rising OI aligns with upward price momentum. But here, OI is climbing even as BTC retraces, hinting at aggressive short positioning or speculative bets on volatility.
Historically, similar setups on Bybit have preceded sharp directional moves.
40K BTC hits exchanges, but bulls hold the line
Source: CryptoQuant
The spot side tells a similar story.
Over 40,000 BTC flooded into exchanges this week, triggering a sharp wave of sell-side pressure as OTC desks and whales aggressively hit order books.
This rise in exchange volume usually indicates potential downside, with Bitcoin offered for sale in bulk.
Source: Glassnode
Adding to the tension, 3.9K BTC from 10+ year-old wallets moved on-chain; the second major instance of ancient coin activity this month after 80K BTC was reactivated on the 4th of July.
Despite this, Bitcoin has held above $110,000, so there is resilient net demand and medium-term buyer confidence.
While profit-taking is clearly underway, the market hasn’t broken… yet.
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