Bitcoin’s impressive rally through June has drawn renewed attention as sharp price movements emerge. Since the start of the month, the leading cryptocurrency has gained nearly 10%, coming close to the $75,000 mark before losing momentum. Despite new highs in US equity markets, Bitcoin’s pause signals that different forces are now shaping the market.
On-chain data reveals strong profit taking
Blockchain indicators monitoring on-chain activity show that many investors are cashing in on the latest rally. The “realized profit/loss” metric, which compares the value of coins when transferred to their value at the last move, reveals investor gains or losses at any point. The 30-day exponential moving average of this indicator stands at 1.16, underscoring robust profit-taking as investors sell portions of their holdings to secure gains.
The report highlights that, “Profit taking is increasing, with the 30-day exponential moving average at 1.16, signaling that investors are leveraging the rally. For the market to fully absorb this supply, Bitcoin will need to sustain levels above $78,100.”
On Tuesday, Bitcoin briefly tested $76,000, triggering $1.14 billion in realized profits—one of the year’s largest waves of selling. This level suggests a significant portion of current investors are turning to the sell side at prevailing prices.
Shifting demand and exchange discrepancies
While on-chain signals point to heavy profit taking, not all investor moves equate to outright sales. Some profits are generated as funds move between wallets or exchanges. Nevertheless, the data backs the view that price momentum has slowed and selling pressure has increased.
Spot market demand continues to show a split. According to Glassnode, buyer appetite is concentrated mainly on Binance, whereas platforms like Coinbase lag behind. This suggests that while buying interest is strong in some places, it’s not widespread across all exchanges.
The ‘cumulative volume delta’ indicator, which monitors the balance between buy and sell orders, further confirms that much of the market’s liquidity chase is centered on select exchanges rather than being spread evenly.
Cautious mood and derivatives market signals
Investor sentiment remains hesitant. Vikram Subburaj, CEO of India-based Giottus exchange, registered with the Financial Intelligence Unit (FIU), said risk appetite is far from fully returning. He pointed to persistently negative funding rates and a slowdown in on-chain transactions as evidence that market consolidation is ongoing.
According to Subburaj, “Funding rates remain negative, traders are cautious, and there hasn’t been a strong tilt toward long positions. Sluggish on-chain activity indicates continued market cooling and consolidation.”
In derivatives markets, selling pressure is also apparent. There is still a strong preference for put options across all maturities on Deribit, reflecting investors’ ongoing caution and desire to hedge against downside risks. In sum, with profit taking on the rise, uneven demand across exchanges, and mounting caution in derivatives, buyers have yet to decisively absorb the latest wave of supply.
