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According to a tweet recently published by Glassnode, an important Bitcoin metric has demonstrated a significant surge, which historically has bullish implications. This metric has surged just a few times this year.
Bitcoin demonstrates high investor demand
This happened after Bitcoin surged above the $100,000 level for the first time since January and topped the $105,000 level.
The tweet contains a chart, according to which the 7D SMA, the Bitcoin Spot Volume Delta metric, has turned positive and hit a local high on Tuesday. This index measures net buying pressure as it subtracts sell volume from buy volume across major cryptocurrency exchanges.
On this chart, it reached a peak of $5 billion on May 13. This means the presence of strong demand for Bitcoin, according to Glassnode: “The move above $100K is backed by real spot market conviction.” Strong buying pressure is currently dominating the market, according to this data. However, historically, such FOMO-driven flips can precede massive price corrections.
Bitcoin whales keep accumulating
Earlier this week, another popular on-chain data tracker, Santiment, published a post on the X app, revealing that large Bitcoin whales, which hold between 10 and 10,000 BTC, have scooped up 83,105 Bitcoins over the past 30 days. This is the equivalent of $8,653,856,618. As for small wallets, which hold less than 0.1 BTC, these holders have sold 387 Bitcoins over the same period.
Smaller wallets, Santiment believes, are demonstrating clear signs of profit-taking since they believe that the world’s largest cryptocurrency is likely to reach a top soon and then reverse. Still, according to Santiment, since large whales continue to accumulate Bitcoin aggressively, BTC may soon reach $110,000. Especially, this scenario seems likely after the tariff pause between the U.S. and China that was established over the weekend.
At press time, Bitcoin is changing hands at $103,990 per coin.
Vladislav Sopov
Dan Burgin