Bitcoin has once again captured headlines, surging past the $110,000 mark, a stone’s throw from its all-time high. As of today, July 4, 2025, the cryptocurrency is trading at around $109,000. While this price action alone is enough to raise eyebrows, analysts suggest that it’s not just the surface-level numbers that are worth watching. According to Crypto Dan, an analyst at CryptoQuant, there’s a deeper, more structural shift underway, marked by a decrease in selling pressure from institutional investors and whales.
The Subtle Shift in Market Dynamics
Crypto Dan elaborates that this market behavior isn’t merely a short-term fluke. The transition began in April, evidenced by a noticeable decline in selling activity from major U.S. wallets. “We’re seeing a shift from offloading to accumulation,” Dan explains, noting that the big players who were previously selling are now holding or even adding to their positions. This change in strategy among large holders has coincided with Bitcoin’s resilience over the $100,000 threshold, offering a period for short-term indicators to cool off. As explored in Bitcoin analysts say this must happen for BTC price to break $112K, certain market conditions need to align for Bitcoin to surpass its previous highs.
But here’s the kicker: while a correction is always possible, the broader market sentiment seems to be leaning upward. Dan maintains a cautiously optimistic outlook for the second half of 2025, suggesting that the current market phase could be the precursor to a more substantial rally—assuming macroeconomic conditions don’t throw a wrench in the works.
Exchange Outflows and the Liquidity Landscape
Adding more layers to the narrative, Novaque Research from CryptoQuant highlights shifts in on-chain flows and liquidity conditions. Since late June, exchange outflows have surged, with some days seeing more than 10,000 BTC withdrawn. Such behavior typically hints at long-term investor confidence and a reduced likelihood of imminent sell-offs. Miners, too, have largely kept their holdings intact despite Bitcoin’s high valuation, indicating a belief in the sustainability of these prices.
Meanwhile, there’s a curious trend in stablecoin dynamics: the supply ratios of USDC and USDT on exchanges have been on the decline since mid-June. This suggests that capital might be biding its time on the sidelines rather than flowing into spot markets. Novaque notes that while some investors are waiting for further confirmation, the structural trend leans toward accumulation—an intriguing hint of what’s potentially on the horizon.
A Market at a Crossroads
Historical patterns in Bitcoin’s market behavior provide context for the current situation. Past cycles have shown that periods of accumulation often precede significant upward movements, especially when coupled with reduced selling pressure. Yet, while the stars may seem aligned, it’s crucial to remember the inherent volatility of the crypto market. The landscape is rife with uncertainties, from regulatory shifts to macroeconomic fluctuations, any of which could impact Bitcoin’s trajectory. For further insights into the challenges Bitcoin faces in breaking past its all-time highs, see Why can’t Bitcoin price break $112K all-time highs? BTC analysts explain.
Looking ahead, the questions loom large: Will Bitcoin break its previous all-time high, or are we in for another period of consolidation? As we move deeper into 2025, the market’s direction will likely hinge on these evolving dynamics and external economic factors.
In the meantime, investors and analysts alike are keeping a watchful eye on these subtle yet significant shifts. While the current climate suggests an upward bias, the path forward remains anything but certain. As always in the world of cryptocurrency, expect the unexpected.
Source
This article is based on: Analyst Sees a Bitcoin Market Shift — Here’s What’s Happening
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
