Bitcoin News Today: Bitcoin Holds Above $110,000 as Mixed On-Chain Flows Signal Consolidation, 6.2% Open-Interest Decline

Bitcoin remains resilient above $110,000 despite significant on-chain activity, with analysts noting balanced market dynamics as buyers and sellers monitor key levels. On July 26, 2025, over 40,000 BTC flowed into exchanges, a notable increase from the previous week’s 12,000 BTC [1]. Simultaneously, renewed activity from decade-old wallets and rising open interest on Bybit signaled a consolidation phase rather than panic selling. Neutral funding rates across major derivatives platforms further underscored the market’s equilibrium, with COINOTAG analysts highlighting that resilient net demand and medium-term buyer confidence are offsetting selling pressure [1].

The interplay between retail and institutional positioning added complexity to the narrative. Binance reported a surge in inflows to short-term holder accounts, with the STH inflow ratio surpassing 0.4—a historical indicator of retail selling pressure [2]. Meanwhile, Kraken recorded large whale-driven outflows, including a 9,600 BTC transfer on July 22, interpreted by analysts as long-term accumulation by institutional actors [3]. These divergent trends reflect fragmented sentiment, blending caution among retail traders with strategic positioning by larger participants.

Bitcoin’s open interest surged to a record $44.5 billion, despite a 6.2% decline from its July peak [1]. This metric, combined with over $500 million in leveraged liquidations, highlighted fragile positions on both long and short sides. Binance’s reserve metrics added nuance: while total Bitcoin holdings dropped by 9.2% since September 2024, unrealized profits on reserves hit 60,000 BTC, a record high [4]. This suggested appreciating holdings were bolstering the exchange’s balance sheet despite persistent outflows.

Analysts emphasized that the current phase remains part of a broader bull trend. The absence of traditional cycle-top indicators—such as Pi Cycle Top or MVRV thresholds—reinforced this view [9]. Technical indicators like overbought RSI readings and resistance at $120,000 pointed to a natural pause in the uptrend. Additionally, the crypto Fear and Greed Index stood at 74, reflecting lingering optimism amid the pullback [15]. Traders priced in a 56% probability of a September Federal Reserve rate cut, a factor that could influence near-term direction [14].

The altcoin market mirrored Bitcoin’s stagnation, with XRP and Solana experiencing sharper declines as risk-off sentiment persisted [13]. However, Ethereum showed resilience in institutional demand, with public companies like BTCS and SharpLink Gaming loading ETH onto their balance sheets [7]. This divergence underscored varying confidence levels across the crypto ecosystem.

Bitcoin’s ability to hold above $110,000 amid mixed exchange flows and rising open interest signals a consolidation phase rather than a reversal. The market remains in a delicate balance, with technical and sentiment-based indicators pointing to a potential pause before resuming the uptrend. Institutional accumulation, retail outflows, and macroeconomic factors like the Fed’s policy outlook will likely determine the asset’s next directional move [1].

Source:

[1] [Bitcoin Consolidates Below $120K as Exchange Activity Reflects Mixed Market Signals](https://www.newsbtc.com/bitcoin-news/bitcoin-consolidates-below-120k-as-exchange-activity-reflects-mixed-market-signals/)

[2] [Bitcoin Consolidates Below $120K as Exchange Activity Reflects Mixed Market Signals](https://www.newsbtc.com/bitcoin-news/bitcoin-consolidates-below-120k-as-exchange-activity-reflects-mixed-market-signals/)

[3] [Bitcoin Consolidates Below $120K as Exchange Activity Reflects Mixed Market Signals](https://www.newsbtc.com/bitcoin-news/bitcoin-consolidates-below-120k-as-exchange-activity-reflects-mixed-market-signals/)

[4] [Bitcoin Consolidates Below $120K as Exchange Activity Reflects Mixed Market Signals](https://www.newsbtc.com/bitcoin-news/bitcoin-consolidates-below-120k-as-exchange-activity-reflects-mixed-market-signals/)

[7] [Manuel - Ethereum's Regulatory Status](https://www.facebook.com/photo.php?fbid=728547336725144&set=a.130****63246274&type=3)

[9] [Bitcoin Consolidates Below $120K as Exchange Activity Reflects Mixed Market Signals](https://www.newsbtc.com/bitcoin-news/bitcoin-consolidates-below-120k-as-exchange-activity-reflects-mixed-market-signals/)

[13] [Bitcoin Consolidates Below $120K as Exchange Activity Reflects Mixed Market Signals](https://www.newsbtc.com/bitcoin-news/bitcoin-consolidates-below-120k-as-exchange-activity-reflects-mixed-market-signals/)

[14] [Bitcoin Consolidates Below $120K as Exchange Activity Reflects Mixed Market Signals](https://www.newsbtc.com/bitcoin-news/bitcoin-consolidates-below-120k-as-exchange-activity-reflects-mixed-market-signals/)

[15] [Bitcoin Consolidates Below $120K as Exchange Activity Reflects Mixed Market Signals](https://www.newsbtc.com/bitcoin-news/bitcoin-consolidates-below-120k-as-exchange-activity-reflects-mixed-market-signals/)