Binance Spot Volume Dip Precedes Bitcoin $123K ATH
Bitcoin surged to a fresh all-time high of $123,218, marking a 10% weekly gain.
The Bitcoin spot volume on Binance dipped just before the rally, indicating a hidden squeeze and quiet accumulation. This drop in Bitcoin spot volume suggests major holders were stacking BTC off-exchange.
On-chain data from CryptoQuant showed a sharp rise in exchange inflows, driven by whale deposits of up to 1,800 BTC in a single day. This indicates short-term profit-taking and a potential local top.
Analyst data also reveals accumulator addresses bought 248,000 BTC in 2025—well above monthly averages—and now hold around $30 billion in Bitcoin. Long-term holders remain bullish, while institutional demand continues: spot Bitcoin ETFs recorded $2.72 billion in net inflows for the week ending July 11.
Traders should watch for consolidation and possible sell-side pressure near current levels, but the overall outlook remains positive amid strong accumulation and ETF flows.
Bullish
Despite on-chain signs of short-term profit-taking and a potential local top, the sustained accumulation by long-term holders, record whale buying off-exchange, and strong institutional inflows via spot ETFs point to continued bullish momentum for Bitcoin. Short-term traders may face volatility and consolidation, but the overall market structure favors further price gains as demand outpaces sell pressure.