Bitcoin Hits $113,923 All-Time High Amid Low Selling Pressure

Bitcoin has reached a new all-time high price of $113,923, marking a significant milestone in its price history. However, despite this surge, there has been a notable lack of selling pressure from investors. According to CryptoQuant, only 18,000 Bitcoins were sent to exchanges in a day, which is the lowest number since April 2015. This number shows that fewer people are planning to sell right now. Usually, when more Bitcoin is sent to exchanges, it means more people want to sell. When less is sent, it means people are holding.

In addition, the whales are silent. In November 2024, when Bitcoin crossed $100K, whales sent around 62,000 BTC to exchanges in large batches. However, today, that number has dropped to just 7,000 BTC. This means even big investors are holding on and not looking to sell anytime soon. This thin sell-side activity has raised questions about the sustainability of the current bull run.

U.S.-approved Bitcoin spot ETFs received $770 million last week. This week alone, another $515 million has been added. Altogether, these ETFs have now pulled in over $50 billion. This added up to the sentiment of this surge. According to Santiment, many Bitcoin holders are moving their coins to private wallets instead of exchanges. In the last four months, over 315,000 Bitcoins have been taken off exchanges. That’s a 21% drop. Over the last five years, 1.88 million Bitcoins have left exchanges, which is a 61% decrease. “Traders are not showing eagerness to move coins back on to exchanges,” Santiment posted on X.

Retail investors, or everyday traders, are also less active. CryptoQuant says exchange inflows from retail have fallen below $12 billion, the lowest since April 2025. This means fewer small holders are selling, which helps keep the market calm. One trader has even reportedly opened a $315 million long position on Bitcoin with a 20x leverage just minutes after hitting an all-time high. In short, traders believe this rally is not yet over.

The lack of selling pressure can be attributed to several factors. One possibility is that investors are confident in Bitcoin's long-term prospects and are unwilling to sell at current prices. Another factor could be the limited availability of Bitcoin on exchanges, as many holders are choosing to store their assets in personal wallets rather than on trading platforms. This scarcity of supply on exchanges can drive up prices, as buyers compete for a limited number of coins.

The situation is further complicated by the ongoing legal and regulatory challenges facing the cryptocurrency industry. The bankruptcy of FTX, a major crypto exchange, has highlighted the risks and uncertainties associated with investing in digital assets. The exchange's collapse has left many investors with significant losses and has raised questions about the safety and security of crypto exchanges.