Bitcoin Remains Stuck in $10K Range Amid Weak Demand and Leverage Trading
- Bitcoin’s price has fluctuated between $60,000 and $70,000 for the past two months.
- The perpetual futures market volume is now at a ratio of 15X compared to spot trading, indicating leverage dominance.
- The apparent demand metric shows a deficit of -60,000 BTC, with more coins leaving than entering the market.
- Stablecoin inflows into spot exchanges are around $452 million, nearing a two-year low.
- Short-term holders have an average entry cost of approximately $85,800, leading to significant unrealized losses.
The current market dynamics reflect a fragile setup for Bitcoin as leverage-driven trading overshadows weak spot demand. Short-term holders are under pressure due to their unrealized losses and ongoing sell-offs during minor rallies.
With the short-term holder spent output profit ratio (SOPR) below one for over three months, it highlights the persistent selling pressure in the market. (Source)
