Bitcoin breaks through $110,000 approaching historical highs! Three major on-chain signals suggest it's poised for a breakout.

Introduction: Bitcoin has recently made a strong upward move, successfully breaking through the $110,000 mark, just a step away from the historical peak of $111,814 set in May. The current price has slightly retreated to the $109,000 range, with a minor decrease of 0.8% in the last 24 hours. Analysts point out that in addition to the price movement, the on-chain data revealing deeper structural changes—including the movements of whales, outflows from exchanges, and stablecoin dynamics—provides key clues for assessing the market's next direction.

Whale Stops Selling? Market Shows Bullish Tendencies

CryptoQuant analyst Crypto Dan pointed out that the current price resilience of Bitcoin comes from a key shift: the sell-off pressure from U.S. institutional investors and Whales has significantly decreased. These big players had been continuously reducing their positions, but in recent months they have quietly shifted to accumulation mode.

Dan's analysis suggests that Bitcoin is currently in a transition phase. Since April, the selling activities from major wallets in the United States have gradually subsided, while the buying demand remains stable. This indicates that institutions are no longer eager to cash out and are either holding their coins or continuing to accumulate.

He emphasized that the current price movement of Bitcoin above 100,000 USD is beneficial for cooling down the short-term overheating technical indicators. Although there are still risks of a pullback, Dan remains optimistic about the trend in the second half of the year: "The overall market direction still looks bullish; I will maintain this view and look forward to the performance in the second half of 2025." If the macro environment remains supportive, the current consolidation may serve as a buildup for a longer-term rise.

Exchange outflow surged, market risk appetite increased

Another analyst from CryptoQuant, Novaque Research, added observations on on-chain fund flow and liquidity conditions. The data shows that Bitcoin exchange outflows have significantly increased since late June, with some daily outflows exceeding 10,000 Bitcoins.

This pattern is often seen as a signal of increased confidence among long-term holders, indicating that the selling pressure faced by the market in the short term is easing. The report also points out that despite Bitcoin prices being high above $100,000, the miner community has not significantly increased their selling, indicating their confidence in price sustainability and a possible expectation of more favorable market conditions.

Stablecoins are poised to rise, with funds waiting for the right moment to act

The stablecoin dynamics are also showing key changes. Novaque observed that since mid-June, the supply ratio of USDC and USDT on the exchange has continued to decline. This means that a large amount of stablecoin funds has not been flowing into the spot market to purchase Bitcoin immediately, but is in a state of "off-exchange standby".

Analysts believe this reflects that investors may be waiting for clearer signals before entering the market, but from a structural behavior perspective, the market is overall leaning towards accumulation rather than withdrawal, building strength for potential Bitcoin spot buying.