Is BTC’s Bull Run Coming to an End? Long-Term Holders Signal Ongoing Strength

Key Points:

• BTC price drops to $114,418.76 despite strong long-term holder confidence and increasing accumulation.
• Net demand remains positive with over 160K BTC accumulated in 30 days, according to CryptoQuant.
• Binance data shows 60.65% of open positions remain long, signaling bullish sentiment among retail traders.

Bitcoin is trading at $114,418.76 after falling 3.84% in the past seven days, reflecting growing short-term pressure.

However, the market continues to show resilience as long-term holders maintain high unrealized profits, based on CryptoQuant’s cohort data.

The net unrealized profit/loss (NUPL) for long-term holders remains elevated, supporting an ongoing bullish macro trend.

Apparent demand has remained positive, with over 160,000 BTC added in the past 30 days, based on CryptoQuant metrics.

This consistent accumulation has aligned with Bitcoin’s price recovery since late May, showing demand strength amid volatility.

The demand from accumulator addresses has reached its highest point in months, nearing 320,000 BTC on a 30-day rolling sum.

Liquidity Drops and Sentiment Leans Bullish

Sell-side liquidity has continued to decline sharply, with total BTC held across exchanges and GBTC falling under 150,000.

This contraction in liquid supply reduces available Bitcoin for selling, which often helps support long-term price appreciation.

CryptoQuant data confirms sell-side liquidity is at its lowest since 2018, reinforcing a long-term supply crunch scenario.

Binance Futures data shows 60.65% of accounts are long, with a long/short ratio of 1.54, suggesting bullish trader bias.

This trend continues despite a 3.57% drop in Bitcoin’s price since August 1, highlighting strong conviction among leveraged traders.

Bitfinex also reports a 20% increase in long positions during this decline, supporting ongoing accumulation behavior.

Meanwhile, short-term holders are realizing slight profit declines, as seen in the recent dip in STH-NUPL values.

This aligns with increased volatility and minor corrections driven by fast-moving positions, while long-term trends remain intact.

Despite short-term uncertainty, structural indicators continue to suggest long-term strength backed by demand and declining liquidity.