Key Points:
Bitcoin (BTC) buyers continue to dominate on exchanges, with historical highs accompanied by unusual optimism.
Data from on-chain analysis platform CryptoQuant shows that the 90-day cumulative volume delta (CVD) indicates that Bitcoin bulls are in control.
The price of Bitcoin continues to receive support from traders at historical highs, and despite a 50% surge in less than two months, buyers remain dominant.
CryptoQuant contributor Ibrahim Cosar analyzed the 90-day CVD data, revealing the extent to which sellers have lost control during this period.
He summarized, "In short, buy orders (taker buy) are dominant again. In other words, there are more buy orders than sell orders in the market."
"This typically indicates that the upward trend may continue."
CVD measures the difference in buy and sell volume over three months. Until mid-March, selling pressure dominated the order book, and Bitcoin/USD fell to multi-month lows below $75,000 in early April.
The market remained neutral until buyers regained dominance in May.
Cosar concluded, "Overview of the situation: As prices test above $110,000 and reach new all-time highs (ATH), buyers are not backing down. This could lay the groundwork for another wave of increases."
As reported by Cointelegraph, hoarders are generally avoiding distributing tokens to the market at current levels.
Research shows that daily profit-taking is only half of what it was when Bitcoin first reached $100,000 in December 2024, even though the price is 10% higher.
"This time, the activity of older tokens is much lower, indicating stronger holding behavior," on-chain analysis company Glassnode added in a related post on X.
Coin age distribution shows the shift:🔺 76.9% (May 2025)🔻 44.6% (Dec 2024)>6m-old coins:🔻 13.4% (May 2025)🔺 24.7% (Dec 2024)Older coins were much less active this time, signaling stronger holding behavior. pic.twitter.com/8PZq8p3ZX7
CryptoQuant noted that after reclaiming the average cost basis of short-term holders (STH) (slightly below $100,000), price momentum has strengthened—these entities bought in the past six months.
"Bitcoin is rising after reclaiming the average cost basis of short-term holders—this is a key level that typically serves as a strong buy-the-dip indicator during bull markets," it told its X followers.
Related: Analyst: Bitcoin (BTC) could surge significantly due to a lack of panic buying and futures market frenzy.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risk, and readers should conduct their own research when making decisions.
Original article: “Bitcoin (BTC) Buyer Dominance at $111K Suggests ‘Another Wave’ of Gains”
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