Bitcoin stays confined to $100k–$110k band as realized profit and network activity recede

Bitcoin (BTC) has traded betwixt $100,000 and $110,000 for a seventh consecutive week owed to slower nett realization, cooling transportation volume, and a cautious derivatives backdrop, according to a June 26 Glassnode report. 

The study cited the market’s struggles to widen May’s all-time precocious rally, with the 30-day realized nett gauge peaking successful aboriginal May, past declining arsenic traders secured the 3rd net question of the cycle.

Realized profit 

The cumulative realized nett for the rhythm betwixt 2023 and 2025 present totals $650 billion, already surpassing the full play betwixt 2020 and 2022. However, the existent scenery signals reduced superior rotation. 

Furthermore, on-chain transportation measurement fell 32% from the late-May precocious to $52 billion, and spot speech turnover sits astatine $7.7 billion, good beneath earlier breakout levels.

A cost-basis density vigor representation shows a dense accumulation portion betwixt $93,000 and $100,000. 

Source: Glassnode.

Bitcoin concisely tested the precocious borderline of that set during a play dip to $99,000 but reclaimed the six-figure threshold as geopolitical tensions eased. 

The study highlighted the clump arsenic structural enactment and noted that a decisive interruption could unit holders successful that scope to capitulate and deepen a correction.

Derivatives reset arsenic leverage sheds conviction

Futures liquidations spiked to $28.6 cardinal for longs and $25.2 cardinal for shorts during the whipsaw, flushing leverage connected some sides. Open involvement contracted from 360,000 BTC to 334,000 BTC, a 7% descent that cleared speculative excess. 

Annualized backing rates and three-month ground levels proceed to diminution implicit a multi-week period, suggesting that traders are hesitant to re-establish assertive agelong vulnerability contempt elevated volume.

The study noted that momentum remains constructive portion Bitcoin holds supra cost-basis enactment but a breakout requires “a wide pickup successful demand, activity, and conviction.” Until those inputs emerge, the terms is apt to oscillate wrong the existent $10,000 range.

Bitcoin was trading astatine $107,630 arsenic of property time, moving towards the headdress of the prevailing range.

The station Bitcoin stays confined to $100k–$110k set arsenic realized nett and web enactment recede appeared archetypal connected CryptoSlate.