Key takeaways
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
