Bitcoin has been consolidating in the $100,000–$110,500 band, showing a lack of decisive directional movement over recent weeks. According to Bitfinex Alpha, this range represents a structural equilibrium—market makers have defined the floor near the Short-Term Holder Realized Price (~$99,474) and the ceiling at the January high of $109,590. Despite dipping below the floor briefly to around $98,220, price rebounded quickly as buyers stepped in at the psychological $100K threshold.

🔄 The Standoff: Who's Buying, Who's Selling?

1. Whales and Mid-Sized Holders SellWallets holding 1k–10k BTC have offloaded around 14,000 BTC since June 30, signaling profit-taking from longer-held positions. Some analysts believe this represents long-term holders cashing out as newer players step in.

2. Retail and ETF Demand Absorbs SupplyAt the same time, short-term holders added ~382,000 BTC, and ETF allocators continued to support the STH-RP, cushioning the price during drawdowns. This pattern aligns with past cycles, where fresh capital fills the void left by profit-taking.

3. Whale-Profit Realization Remains HighCrazzyblockk from CryptoQuant reported that whales just realized a record $2.6 billion in profit on Binance, contributing to a temporary stall near $100K.

   
   

📊 Market Dynamics & Implications

• Balanced Market: Futures open interest dropped by $1.8 billion (5%) on July 4, indicating traders closed longs rather than pushing higher—which reflects…