BTC On-chain indicators, Still bullish signals... “Rally is not over yet”

Analysis shows that the on-chain data of the Bitcoin market is still maintaining a bullish trend. Amar Taha, a contributor to CryptoQuant, suggested that the upward momentum is continuing based on recent data flow.

He pointed out that Binance's BTC spot trading volume share has risen from 26% in early June to 35% recently. This is analyzed to be the result of a significant increase in trading volume as Bitcoin was testing major resistance zones. Actual volume increases are often interpreted as a signal of strong market interest and upward pressure.

Additionally, it is noteworthy that the realized market capitalization of Long-Term Holder has surpassed 20 billion dollars. Taha explained, “This figure is evidence that investors' confidence is recovering,” and in the past, the accumulation of long-term holders has acted as an indicator of the beginning of a bull market.

Meanwhile, the flow of exchange withdrawals was also noticeable. More than a total of 20,000 BTC were withdrawn from Kraken and Bitfinex over two consecutive days, suggesting the possibility of moving to individual wallets for long-term holding in the market. Generally, large withdrawals are often interpreted as a holding tendency rather than selling.

Of course, the possibility of short-term price adjustments is still open, but major on-chain indicators show that the upward market is not yet over. Expectation for medium- to long-term upward trends among market participants remains valid.