Bitcoin is showing strong upward momentum, briefly trading above $109,000 before settling at $108,959, a 3.5% increase over the last 24 hours. This places it less than 1% away from its all-time high of $109,958 recorded in January.
Data from CryptoQuant reveals a shift in trading behavior on Binance. The spot to futures volume ratio has reached 4.9, its highest level in 18 months, with $30.17 billion in spot trading versus $115.56 billion in futures trading on May 12.
This indicates that speculative interest is exceeding direct buying pressure. Despite high profitability across investor cohorts, with wallets holding BTC for less than one month up 6.9% in unrealized gains, there's no significant profit-taking. The market may be preparing for a breakout beyond Bitcoin's all-time high.
On-chain metrics show wallets holding BTC for less than one month are up 6.9% in unrealized gains, while short-term holders (less than six months) are seeing 10.7% gains. The Unrealized Profit/Loss (UPL) Ratio reveals that the majority of the network is in profit, and the distribution of gains across different investor groups remains relatively balanced.
This type of evenly distributed profitability has historically been associated with reduced volatility and a lower risk of sudden corrections. The combination of strong price action, steady accumulation, and limited distribution suggests that the market may be preparing for a new phase, potentially leading to a breakout beyond Bitcoin's existing all-time high.
This article is based on our author's analysis of materials taken from the following resources: CryptoQuant.