Bitcoin Reclaims $107,000 With 1.89% Gain, Miners Hold 1.807 Million BTC

Bitcoin has reclaimed the $107,000 region, marking a 1.89% gain and continuing its upward momentum from the previous week. Despite this, Bitcoin remains in a broader corrective phase, down 2.45% over the same period. The recent price movement is supported by several factors, including miner activity, whale behavior, and derivatives market trends.

Miner activity suggests a strong possibility of further upside. CryptoQuant’s analysis revealed that BTC.com, a mining pool responsible for 98% of miners’ flows into Binance, has gradually reduced its exchange inflows over the past month. Historically, a decline in these miner inflows to Binance often precedes a Bitcoin rally. As of now, these inflows have decreased, indicating that miners prefer to hold BTC while anticipating a rally, only offloading when they believe the market has peaked. Additionally, the overall Bitcoin Miners’ Reserve has declined from 574,678 BTC to 1.807 million BTC, suggesting that miners across the board are holding with a long-term outlook.

Whales and derivatives traders also appear to support the bullish trend seen in miner activity. At press time, whale-controlled liquidity on exchanges has increased, with the Whale Exchange Ratio surging to 0.59—a relatively high level—suggesting increased whale presence on exchanges. Although this is not inherently bullish, Bitcoin’s reclaiming of the $107,000 level implies that whales may be buying. In the derivatives market, Funding Rates have turned positive after two consecutive days of selling, indicating more long contracts are open. This shift in Funding Rate is significant, confirming more long bets have been made on Bitcoin in the past 24 hours. If the trend continues, it could mean derivatives traders will join whales and miners in positioning for a major upward price movement.

On-chain activity further confirms the growing momentum. Nansen data shows a surge in on-chain activity over the past 24 hours, with active addresses rising by 21.3%, reaching 535,900. This confirms increased usage of the Bitcoin network. Transaction-related gas fees also increased, indicating higher utility of Bitcoin protocols. Sustained high usage of Bitcoin on-chain would further strengthen the asset’s potential to continue its upward market trend.