A Bitcoin trader has opened a significant 20x long position on 1036 BTC worth $68.1 million, according to reports from Onchain Lens. The trader is currently down $705,000 as Bitcoin retraced to $65,000, having spent $12,000 on funding costs. This position represents one of the largest single long bets in the current market environment, demonstrating the growing confidence among high-net-worth traders in Bitcoin's upward trajectory.
Bitcoin's long-term holders now control a record 79% of its circulating supply, a historical indicator that often precedes the end of bear markets. According to recent data, low reactivation of old coins and reduced ETF selling suggest strong accumulation and diminished selling pressure. Checkonchain reports indicate Bitcoin may have constructed a substantial support wall across the $60,000 to $70,000 region, with 20% of Bitcoin's circulating supply changing hands within this band, establishing a meaningful accumulation floor. Pseudonymous CryptoQuant analyst Darkfost describes this as 'one of the largest transfers from weak hands to strong hands that BTC has ever seen'.
The derivatives market is experiencing unprecedented bullish sentiment, with $9.17 billion flowing into Futures over the past 24 hours, adding to the $25.7 billion recorded over the past 3 days, as reported by CoinGlass data. The Long Short Ratio has jumped to 1.007, remaining above 1 across Binance and OKX exchanges, with top traders' ratio reaching 1.5. This ratio above 1 indicates that most traders are bullish and opening long positions, anticipating the uptrend to continue.
Bitcoin is currently trading at $65,695, down 1.14% on daily charts, though it has risen 7% on weekly charts since holding the $60,000 support level. The cryptocurrency has rebounded from the $60k support level, reaching $67k before a slight pullback to around $65,695. According to technical analysis, the Relative Strength Index (RSI) has bounced from oversold conditions but remains below 50 at 42, suggesting buyers have stepped in but have yet to fully retake the market. For Bitcoin to fully recover, bulls need a clear close above the long MA at $66,066 and flip $70,000, while failure to do so could cause BTC to drop below the short MA at $65,000, most likely to $63,500.
Exchange reserve data shows a steady decline in Bitcoin availability, with the value of Bitcoin held on exchanges falling by roughly $2 billion over the two-week stretch from June 4th, reaching a low of $240.3 billion. The Bitcoin Binary CDD (Coin Days Destroyed) currently registers a reading near 1, indicating that long-dormant coins are moving once again and long-term holders have tilted firmly bearish. Bitcoin's Spent Output Profit Ratio (SOPR) sits below 1 at 0.994, meaning sellers are taking losses on trades, though it's edging closer to 1 and could soon trade above it, which would indicate investors have returned to profit and lend further weight to a bullish shift in price outlook.
