CryptoOnchain: Increased miner outflows and inflows of older coins into CEXs may indicate that Bitcoin is entering a distribution phase.
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Analysis: Bitcoin rebounded above $61,000, with long-term holders buying back in, but ETFs continued to see outflows.
Bitcoin rebounded above $61,000 on Thursday, recovering from a 21-month low hit earlier this week, showing signs of recovery after significant market volatility. The US Odaily Bitcoin ETF recorded a net outflow of approximately $296 million on July 1st, continuing the trend of capital outflows; June saw a single-month outflow of approximately $4.5 billion, one of the worst months on record. The Grayscale Bitcoin Mini Trust ETF saw the largest single-day net inflow at $36.3 million. On-chain data shows that long-term holders have re-entered the accumulation phase after a prolonged distribution period, with increased buying activity from addresses holding 100-1000 BTC. Currently, approximately 10.83 million BTC are at a loss, compared to 9.22 million BTC in profit. Glassnode analyst Chris Beamish points out that increased buying in the Coinbase order book and stabilizing market maker Gamma positions indicate structural support is forming, but the derivatives market remains cautious. The options market's put/call ratio has risen to a one-year high, implied volatility is increasing, and demand for safe-haven assets is strengthening; meanwhile, Hyperliquid's long leveraged exposure has reached a recent high, indicating a divergence in market sentiment. In terms of price structure, Bitcoin repeatedly tested support after briefly falling below $58,000, and is currently still below the key Gamma Flip range of approximately $68,000; a price of around $53,000 is considered an important structural support level. On the macro level, weaker-than-expected US non-farm payroll data and a delayed market expectation of interest rate cuts mean the crypto market remains in a phase of fund rotation and structural competition. (The Block)
Strive disclosed that its Bitcoin holdings increased to 19,882 coins, with a second-quarter return of 24%.
According to Odaily Odaily, Matt Cole, CEO of Bitcoin financial services company Strive, disclosed in an article on the X platform that the company increased its holdings by 17.76 Bitcoins last week, bringing its latest Bitcoin holdings to 19,882. The company has accumulated 6,236 BTC in the second quarter of 2026, achieving a 24% Bitcoin return and recording an incremental gain of 3,264 BTC.
Michael Saylor: The evolution of BTC is driven by dynamic consensus among nodes, miners, and holders.
According to an Odaily published on the X platform by Michael Saylor, the future evolution of Bitcoin is determined by the dynamic consensus among nodes, miners, and holders, with each party's influence manifested in different "weights." Nodes demonstrate their influence through transaction verification capabilities, miners ensure network security through computing power, and holders influence the network's direction through economic power. Protocol changes will only be approved and take effect when verification mechanisms, security, and capital reach a consensus.
Glassnode: Long-term holders are starting to accumulate Bitcoin again, but the market may still need to undergo one last round of consolidation.
According to Mars Finance, Glassnode's latest weekly report on July 3rd stated that despite Bitcoin falling below $60,000, continued outflows from spot ETFs, and increased risk aversion in the options market, on-chain data shows that long-term holders (LTH) have re-entered a buying phase, with multiple wallet addresses simultaneously shifting towards accumulation, indicating that patient funds are gradually absorbing market selling pressure. Currently, approximately 10.83 million Bitcoins are in a loss-making state, higher than the approximately 9.22 million Bitcoins in a profitable state, reflecting that the market is still under significant pressure, and holdings are gradually shifting towards investors with high conviction. Meanwhile, US spot Bitcoin ETFs continue to experience net outflows, indicating that institutional risk appetite has not yet recovered; Coinbase's order book shows a significant increase in buying, showing that institutions are gradually providing liquidity and rebuilding market support. In the derivatives market, Hyperliquid leveraged traders continue to increase long positions, which could drive a rapid rise if the market rebounds, but a break below key support could trigger a new round of long liquidation. The Deribit options gamma structure is beginning to stabilize the market, helping to reduce volatility, while demand for put options remains high, indicating that investors are still generally defensive. Bitcoin is gradually transitioning from a distribution phase to an accumulation phase, and the foundation for a long-term recovery is forming. However, before the trend truly reverses, the market may still experience one last round of shakeouts triggered by macroeconomic factors or leverage liquidation.
Metaplanet increased its holdings by 2,823 bitcoins, bringing its total holdings to 43,000 bitcoins.
According to Odaily Odaily, Japanese Bitcoin treasury company Metaplanet disclosed that it has increased its holdings by 2,823 Bitcoins, bringing its total holdings to 43,000 BTC.
Pump's public offering of stablecoins has raised $770 million and entered centralized exchanges (CEXs). Recently, 342,500 SOL tokens were transferred to Kraken as transaction fee revenue.
According to Odaily Odaily, based on monitoring by on-chain analyst Yu Jin, Pump transferred another 16.43 million USDT to Kraken 7 hours ago. Of the stablecoins USDC and USDT obtained from the public sale of Pump last July, $770 million has now entered centralized exchanges (CEXs). Furthermore, Pump has recently resumed selling transaction fee revenue, transferring 342,500 SOL transaction fee revenue, worth $27.59 million, to Kraken since mid-May.