Bitcoin Maintains $114K Level in Asia Hours as Large Holders Absorb Supply and Short Interest Rebalances

Bitcoin Holds Above $114K as Whales Offset Supply Outflows and Shorts Reset

Bitcoin (BTC) is holding firm above $114,000, supported by steady whale accumulation and a mild reduction in short positions, even as on-chain data show long-term holders moving coins back into circulation for the first time this cycle.

Long-Term Holders Trim Exposure

According to Glassnode, roughly 62,000 BTC—around 0.4% of Bitcoin’s total illiquid supply—have shifted out of long-term inactive wallets since mid-October. The change marks the first meaningful drawdown in long-term storage this year, hinting that some early holders are moving assets toward more liquid environments.

While that softens one of Bitcoin’s structural supports, large investors have stepped in to absorb the flow. Wallets holding substantial balances have increased holdings steadily over the past month, showing little sign of profit-taking since Oct. 15.

By contrast, smaller holders with 0.1–10 BTC—worth roughly $10,000–$1 million—have been consistent net sellers since late 2024. The result is a classic redistribution phase, where weaker hands reduce exposure while whales quietly accumulate.

Derivatives Show Measured Positioning

Leverage in futures markets remains balanced. Hyperliquid data show around $4.1 billion in open interest split nearly evenly between longs and shorts, with a slight bearish bias.

Over the past 24 hours, CoinGlass tracked $413 million in total liquidations, of which $337 million came from shorts. The move represents a moderate flush of overleveraged positions—sufficient to stabilize markets but far from the kind of short squeeze that sparks rapid rallies.

Market Enters Equilibrium

Bitcoin’s rise from $110,000 to $114,900 reflects a controlled reset rather than a breakout. Gains have been driven by steady spot absorption and light short covering, not by momentum-driven speculation.

With illiquid supply easing, whales accumulating, and leverage neutral, market conditions appear balanced. BTC is likely to trade between $113,000 and $116,000 in the near term, awaiting the next macro catalyst.

With the Federal Reserve widely expected to hold rates and deliver a dovish tone at this week’s FOMC meeting, traders are now looking for what might drive the next leg of volatility.

Market Overview

Bitcoin (BTC): The move from $110K to $114.9K was powered by accumulation and moderate short covering — a steady recovery rather than a breakout.

Ether (ETH): ETH climbed 6% in 24 hours to $4,186, outperforming Bitcoin as traders rotated into higher-beta assets. On-chain data suggest the move is still momentum-led, not supported by new capital inflows.

Gold: JPMorgan forecasts gold to reach $5,055/oz by 2026 and $6,000 by 2028, viewing recent declines as healthy consolidation within a longer-term uptrend supported by rate cuts, stagflation risks, and central bank buying.

Nikkei 225: Japan’s Nikkei 225 index broke above 50,000 for the first time, lifted by optimism over U.S.–China trade talks and expectations of stronger domestic demand under Prime Minister Sanae Takaichi’s leadership.