Key Points
- Bitcoin shows signs of fatigue despite trading just 3% below its all-time high.
- On-chain metrics suggest long-term investors remain bullish and expect further gains.
Despite trading just 3% below its all-time high, Bitcoin has shown signs of recent fatigue.
The Asian market rally on the 9th of June provided a boost to the crypto market, but a dip in Open Interest indicated caution was necessary.
Macroeconomic Challenges and Bullish Sentiment
News of rising core CPI inflation and the unlikely chance of the Fed introducing a rate cut next week dampened the bullish sentiment.
However, the bullish conviction of long-term investors remained strong, as indicated by on-chain metrics.
A CryptoQuant Insights post by user Crypto Dan noted that Net Realized Profit and Loss were more restrained than levels observed in November-December 2024.
Although profit-taking was present, it was considerably reduced, suggesting expectations of higher Bitcoin prices among whales.
Bitcoin Accumulation Underway?
A few years back, the notion of Bitcoin experiencing an accumulation phase around the $110,000 mark would have seemed ludicrous to non-crypto enthusiasts.
Yet, the price action and increasing institutional adoption seem to validate long-term bulls, except for BTC purists.
The 365-day Mean Coin Age has been on an upward trend throughout 2025. The early June price dip to $105k left a significant mark on this metric.
This, along with a considerable spike in the age consumed, suggested a wave of BTC movement on-chain, likely for selling purposes.
However, over the past ten days, the MCA has started to trend higher, even as the price approached its ATH once more.
This indicated network-wide accumulation. The 7 DMA of the age consumed showed that the last week of May saw sustained token movement rivaling the November-December 2024 levels.
After a significant spike on the 2nd of June, the age consumed metric has been relatively quiet.
Thus, it was reasonable to expect Bitcoin to continue trending higher. The euphoria and market-wide profit-taking typically seen at cycle tops were not yet present.
