BTC Steadies At $110K Due to Strong US Demand

Takeaways from the conference:

• US Spot Demand on Coinbase Keeps Bitcoin Anchored Above $110,000

• 7,300 dormant BTC moved, hinting at profit-taking.

• Derivatives wallets mobilized 364,000 BTC, signaling looming volatility.

BitcoinBTCThe price of, which is a derivative of the underlying metal (copper), has continued to rise above $110,000. This was boosted by a strong demand for spot from US investors. The Coinbase Premium IndexThe price difference between BTC and other global exchanges on Coinbase has been a positive indicator during recent sell-offs. 

In October, the index soared up to 0.18. It was the highest since March 20,24. That means that large spots bids of between $100,000 and $110,000 were filled despite market panic. Positive premiums typically indicate sustained US purchasing interest and reinforce near-term market stability.

CryptoQuant’s onchain data is being used as a support for this narrative. highlighted Short-term Holders (STHs) are accumulating BTC rapidly, especially wallets which have been holding BTC less than a month. After the recent correction of BTC, STHs increased their supply from 1.6 to 1.87 Million BTC in a matter of days. This highlights aggressive dip buying behavior. 

However, older coins There is a possibility of friction short-term as the coins have started moving. This week approximately 7,343 BTC between the ages of two to three years have been reactivated, and they were moved onto chain. It is a sign that long-term investors may be realizing gains or changing their position. 

Crypto analyst says MaartunnBinance’s Net Taker Volume (NTV) indicated persistent sales pressure while the Short-Term Holder Spent Output profit Ratio, which measures whether recent buyers are selling their coins at a loss or gain, remained below 1.

It was evident that STHs are still actively taking profits. This dynamic has temporarily stopped the credible recovery despite strong accumulation by other participants. 

Related: DOGE holders are buying dips: Is $1.60 by 2026 realistic?

364,000 “mobilized” BTC signals conflicting scenarios

CryptoQuant has also released data. painted Bitcoin is experiencing a two-fold narrative: a steady accumulation of Bitcoins, and looming volatile short term. Although the Netflow 30-day simple moving average shows a historical outflow (outflow) of 5,620 BTC indicating long-term hold confidence and shrinking supply, the opposite trend is taking place in the derivatives market.

From October 9 to 14, around 364,000 BTC has been mobilized by the wallets within exchanges that deal in derivatives. These include Bitfinex (210,000 BTC), Bitbit (108,000 BTC), as well Binance (37,000 BTC). This is a result of traders preparing to take on leveraged positions by loading margin accounts up with capital.

The clash of a tightening demand base with soaring derivatives activity is what sets up increased volatility. The macro-trend remains bullish but the short-term set up suggests that BTC is approaching an inflection point.

Related: Bitcoin’s ‘Uptober’ vibes hinge on Fed rate cut odds, Nasdaq and tech stocks’ response

This article contains no investment recommendations or advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.