Bitcoin [BTC] Continues to Exhibit Strong Accumulation Behavior, with Over 3090 BTC Withdrawn from Binance

Bitcoin [BTC] has continued to exhibit strong accumulation behavior, with over 3090 BTC—worth approximately $325 million—withdrawn from Binance in a single day. This adds to a series of large exchange outflows observed across major platforms. The MVRV ratio, a critical metric for identifying market tops, currently sits at 2.33—below the 2.75 threshold historically associated with aggressive profit-taking.

Bitcoin [BTC] price continued to show strong accumulation behavior as a massive amount of coins were withdrawn from Binance in a single day.

Bitcoin: MVRV remains in neutral-to-undervalued zone

CryptoQuant data revealed that over 3,090 BTC, worth approximately $325 million, were pulled out of Binance in a single day. This adds to a series of large exchange outflows observed across major platforms.

The MVRV ratio, a critical metric for identifying market tops, currently sits at 2.33, which is lower than the 2.75 threshold that is usually associated with aggressive profit-taking.

At the time of writing, BTC traded at $105,163.46, registering a 1.89% rise in the past 24 hours.

The subdued MVRV reading suggests that BTC remains in a neutral-to-undervalued zone, offering more room for upward continuation.

Derivatives traders preparing for breakout?

Open Interest has surged by 8.32% to reach $34.87 billion, indicating increasing activity in the derivatives market.

This increase typically suggests that traders are opening new positions, possibly in anticipation of heightened volatility near resistance.

The steady price rise, coupled with growing leveraged interest, shows a willingness to speculate on bullish continuation. However, elevated Open Interest may also indicate higher liquidation risk if price reverses.

Bitcoin's NVT ratio has shot up to 485.13, a level rarely seen in previous market cycles. This ratio, which compares market cap to transaction volume, often signals potential overvaluation when it climbs excessively.

While the price has been trending upward, network usage hasn't matched pace, suggesting speculative flows could be dominating.

Long-term hands steering this rally?

The Miners' Position Index (MPI) has surged by 76.12%, yet the press time value of 0.17 remained low compared to historical thresholds. This indicated that even with increased outflows, miners were not exerting meaningful sell pressure.

During periods of high MPI, miners typically offload large amounts of BTC, contributing to corrections. However, the present value suggests restrained behavior from this cohort.

Supply-adjusted Coin Days Destroyed (CDD) went up by 7.22%, showing a modest increase in coin movement among long-term holders. However, current values still reflect limited distribution from aged wallets.

Historically, when long-term holders begin to sell in large volumes, CDD spikes aggressively. Therefore, the mild increase shows that conviction remains strong among veteran investors.

The 0-1 day Realized Cap HODL Wave stood at 0.274, further highlighting that short-term speculative activity remains subdued. This metric tracked the proportion of realized cap held by recent entrants.

Low values typically indicate that the rally is not being driven by rapid buy-ins or pump-and-dump behaviors.

Cup and handle pattern nears breakout above $107K

Bitcoin's daily chart revealed a well-formed cup and handle pattern, with the neckline resting near $107,000. This classic bullish structure suggests the potential for continuation if a breakout occurs.

At the time of writing, BTC traded at $105,163.46, still slightly below the neckline. Volume has remained stable during the consolidation phase, and RSI has yet to enter overbought territory, which supports a bullish setup.

A successful breakout could send BTC to new highs, while rejection might trigger a minor pullback toward the $100K support. The breakout zone remains a critical area to monitor.

Can BTC sustain its momentum despite overheated metrics?

Bitcoin's rally remains well-supported by strong on-chain and technical signals. Exchange outflows, low MVRV, restrained miner selling, and weak short-term speculation indicate bullish conditions.

However, the NVT spike above 485 highlights a possible imbalance between valuation and network activity.

As BTC flirts with a key resistance level, the market's next move hinges on whether buyers can sustain momentum or whether overvaluation concerns will prompt a pullback. For now, accumulation trends dominate the narrative, tilting the bias in favor of continued upside.