BTC Surpasses $122K but On-Chain Data Still Signals More Upside

Key Points:

• Bitcoin trades at $122,144.34, up 6.91% weekly, with a $4.06T crypto market cap.
• Over 364,000 new Bitcoin addresses were created daily, the highest in a year.
• Illiquid supply reaches 14M BTC, while wallets holding over 100 BTC hit an all-time high.

Bitcoin trades at $122,144.34, rising 0.14% in the last hour and 6.91% in the past week. The global crypto market capitalization stands at $4.06 trillion, showing a 2.51% increase. The fear and greed index reads 62, indicating a prevailing greed sentiment.

Furthermore, the CMC100 index is at $252.21, up 2.99%, reflecting strong performance among top market-cap coins. 

Altcoin season remains at 38/100, suggesting Bitcoin dominance in current gains. 

On-Chain Data Signals Bullish Network Activity

Glassnode data shows 364,126 new Bitcoin addresses created daily, the highest level in a year. This surge indicates growing network adoption alongside rising prices. 

The number of addresses holding more than 100 BTC has reached 18,990, marking an all-time high, as reported by CoinAnk.

Illiquid Bitcoin supply has also climbed to a record 14 million BTC, showing increased holding behavior from long-term investors. 

The correlation between price and illiquid supply suggests reduced sell pressure. Analysts note that such supply constraints historically support upward price momentum.

Whale Activity and Liquidation Risks

However, despite these bullish supply dynamics, some whales are facing significant pressure as price movements threaten their leveraged positions. On-chain records reveal that a whale deposited $6 million USDC into Hyperliquid to avoid liquidation after Bitcoin broke above $122,000.

The position contains 1,266.84 BTC valued at $154 million, with a liquidation price fixed at $127,780, while Coinglass data shows short liquidation levels are heavily concentrated between $122,000 and $125,000 across Binance, OKX, and Bybit.

In addition, analyst Benjamin Cowen identifies a recurring post-halving pattern in Bitcoin’s historical performance, linking it to the current market structure.

He explains that Bitcoin often rallies in July and August but dips in September, then rises into a Q4 cycle top before a bear market, suggesting that present conditions could set the stage for further gains before year-end.