Key Takeaways
Bitcoin breaks its 94-day Coinbase buying streak, the longest on record, as U.S. investor demand cools and the Coinbase Premium Gap turns negative, indicating weakening interest from American traders.
Bitcoin [BTC] has traded within a consolidation over the past week. With Bitcoin stuck within a thin margin, buyers’ momentum is gradually fading. Is this the start of broader buyer exhaustion?
Coinbase buying streak breaks after 94 days
According to CryptoQuant’s Maartunn, Coinbase’s 94-day streak of consistent Bitcoin accumulation has officially ended—the longest in history.
This breakdown marks a major sentiment shift, as Coinbase buying activity previously fueled BTC’s run past $100K and toward its current highs.
Source: CryptoQuant
The Coinbase Premium Gap, now in negative territory, signals waning U.S. demand. A drop in this premium often suggests institutional and retail appetite is cooling in key markets like the U.S.
Is this a turning point or a temporary pause before the bulls reload?
Long-term holders flip to distribution
With Coinbase demand evaporating, Bitcoin’s Taker Buy/Sell Ratio has dipped below 1 for two straight days, hovering at 0.981.
Source: CryptoQuant
This indicates sell-side dominance across exchanges and suggests that momentum traders are stepping back.
Selling pressure isn’t just coming from traders.
According to Checkonchain, the HODLer Net Position Change has remained within the negative zone for three weeks.
At the time of writing, long-term holders had offloaded over 133,000 BTC more than they accumulated.
Source: Checkonchain
Typically, when hodlers turn to selling, it may reflect a strategic exit to realize profit.
Whales and retail wallets show strength as others retreat
Despite changing tides, large holders and retailers continue to hold onto the market.
Checkonchain data shows a -63.27K BTC drop in the Whale 1K–10K BTC to Exchange Balance metric, indicating fewer whale deposits and more self-custody.
Source: Checkonchain
At the same time, MegaWhale Exchange Balance also declined by -19.6k BTC. When whale deposits into exchanges dip, it suggests that whales are withdrawing more BTC from exchanges than they are depositing.
Retail participants echoed this trend. On the 29th of July, Exchange Netflow across all platforms dropped to -442.8 BTC, signaling higher outflows than inflows.
Source: CryptoQuant
Historically, increased accumulation by large holders and retail has preceded higher prices as upward pressure mounts.
Bitcoin stuck between pressure and support
According to AMBCrypto’s analysis, Bitcoin is at a crossroads, as market participants are taking different paths. While US investors are taking a step back, other participants continue to accumulate BTC.
As a result, Bitcoin has remained stuck within a consolidation because buyers have actively absorbed the rising selling pressure.
Under these circumstances, BTC appears poised for a period of sideways price movement between $115,000 and $120,000.
However, if the buyer’s momentum fades across other markets and bears gain ground, BTC’s upward strength will weaken, breach $ 115k support, and dip to $112k.
