Bitcoin Holds $100K Amid Institutional Buying, Miner Stress
Bitcoin holds above $100K as on-chain metrics show a mix of resilience and risks. The Delta Cap valuation floor sits at $739.4 billion, supporting long-term price stability, while the Coinbase Premium Gap at +11.6 highlights strong institutional buying pressure. However, the Puell Multiple has dropped over 20% to 1.04, signaling miner revenue stress that could prompt selling. The Stock-to-Flow ratio fell sharply to about 48.2K, casting doubt on scarcity-driven bullish trends. Net outflows of $97 million from centralized exchanges underscore ongoing accumulation behavior. Traders should monitor Delta Cap, Puell Multiple, Stock-to-Flow, and exchange flows. Sustained institutional demand may cushion corrections, but miner stress and softer supply metrics inject short-term caution. Overall, Bitcoin’s ability to hold $100K depends on whether institutional support outweighs these structural headwinds.
Bullish
The article highlights sustained institutional buying, a robust Delta Cap floor, and significant net outflows from exchanges—signals historically linked to bullish momentum. While miner stress (low Puell Multiple) and a weakened Stock-to-Flow ratio introduce short-term caution, past cycles show that institutional accumulation often precedes extended uptrends. Net exchange outflows echo previous accumulation phases in late 2020 and early 2021, which preceded major Bitcoin rallies. Therefore, despite structural headwinds, the dominant narrative of strong institutional demand and reduced selling pressure supports a bullish outlook for both short-term consolidation above $100K and long-term price appreciation.