ON Chain Data

Bitcoin has slipped after meeting resistance around $85,000, with technical traders warning that momentum is cooling in the short term. Strong inflows into Bitcoin ETFs continue to support the broader bullish outlook, keeping the $100,000 target in focus if key support holds.

A Bitcoin wallet inactive since 2013 moved 500 BTC worth about $31.3 million on Monday, drawing attention as long-dormant coins began shifting on-chain. The movement comes during a broader security crisis tied to Coldcard hardware wallets, with market participants watching whether old holders are migrating funds out of caution.

Bitcoin is trading near $64,000 after spending 307 days inside the $60,000 to $70,000 band, one of the longest range-bound stretches in its history. On-chain data shows a major cost-basis cluster between $58,000 and $64,000, reinforcing why traders are watching current levels closely.

Bitcoin whales accumulated more than 270,000 BTC in two weeks even as U.S. spot bitcoin ETFs suffered record June outflows. The split between large-holder demand and weaker institutional flows has revived talk of a possible cycle bottom.

Glassnode data shows Bitcoin wallets that have held coins for at least 155 days have moved from net distribution into net accumulation. Smaller and mid-sized holders are leading the buy-the-dip activity, while whale wallets remain largely neutral.

XRP is holding above the $1 mark with modest gains, even as it remains trapped below nearby resistance. Stronger on-chain activity, sustained ETF inflows and a sharp reset in leverage are giving traders a cleaner setup, though the token has yet to confirm a recovery.

Bitcoin’s slide to around $59,100 pushed a record 10.83 million BTC into loss, underscoring how sharply the latest decline has reset market sentiment. Even so, long-term holders now control a record 14.8 million coins, signaling that conviction remains intact despite the drawdown.

Bitcoin’s long-term holders, often called OG investors, have sharply reduced selling activity to the lowest level in nearly two years. The slowdown in profit-taking may be easing a key source of pressure on the market.

Bitcoin’s realized price sits near a level that has historically been lost in major bear markets before a cycle bottom formed. Whale cost bases now cluster in a tight range, highlighting a possible support zone.

Glassnode data indicates heavy Bitcoin accumulation in the $59,000 to $67,000 range over the past 10 days. Buying has broadened across retail and whale-sized wallet cohorts, signaling strong demand during the drawdown.