Bitcoin Hits $110K as Longs Surge—Is a Pullback Ahead? – Coincu

Key Points:

• Bitcoin futures short liquidations hit $5.74M, while long-side premiums surged to $270K.
• On-chain data shows long-term holders remain steady, with no major exit signals detected.
• Coinbase Premium rises as retail activity stays low, keeping market sentiment balanced but watchful.

Bitcoin rose nearly 3.5% in the past 24 hours, reaching a high of $110.3K before settling around $109,129 at press time. Trading volume during this period was approximately $41.27 billion. The recent price surge places Bitcoin close to its all-time high, drawing attention from both retail and institutional traders.

According to on-chain data provider Glassnode, this price action has been supported by increasing long-side activity in the derivatives market. Despite the rapid rise, the broader market remains relatively calm, with limited signs of panic buying or retail-driven spikes.

Derivatives Market Shows Signs of Overheating

Glassnode noted that futures short liquidations for Bitcoin reached $5.74 million yesterday, with the 24-hour simple moving average standing at $768,252.14. The long-side premium has also risen over the past 12 hours, reaching $270,480. This suggests that bullish sentiment remains strong among traders.

Open interest across exchanges continues to grow. Meanwhile, funding rates on perpetual futures have increased slightly, ranging from 0.0003% to 0.023%, with a mean of 0.0016%. Glassnode stated, 

“Bottomline: heightened leverage and speculative positioning but this may not yet be extreme.”

On-Chain and Exchange Metrics Remain Balanced

Additional metrics provide further insight into the current state of the market. According to CryptoQuant, the 30-day moving average of Binary CDD continues to decline, even as prices climb. This trend suggests that long-term holders are not exiting their positions and are instead staying on the sidelines.

The Coinbase Premium has also continued to rise, nearing levels last seen during previous market highs. However, the Korea Premium Index remains low, indicating that retail demand in Asia has not yet surged. The Market Value to Realized Value (MVRV) ratio is rising gradually without any abrupt movements, often seen in overbought conditions.

Bitcoin’s rise above $100,000 has been strongly linked to institutional interest. Reports from CoinCu indicate that large capital inflows and regulatory clarity are helping to drive this momentum. Binance and other key market players continue to influence sentiment through strategic involvement and liquidity support.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.