While Bitcoin (BTC) continues to hold more than $107,000 shares, only 3.8% from its latest all-time high (ATH) transaction, on-chain data reveals emerging warning signs that need attention. These signals suggest potential market exhaustion, suggesting that BTC may be due to short-term corrections or mergers.
Bitcoin price and binary open interest divergence
According to a recent crypto-fast post by contributor Amr Taha, the price of BTC and Binance Open Isport develop a significant divergence between BTC’s open interest. This split suggests that leading cryptocurrencies are more cautious.
Taha shared the following chart, explaining the differences. Although BTC has recently formed an equal high, binance open interest has recorded lower highs, indicating a disconnect between price movements and futures market participation.
Analysts stressed the technical importance of this disagreement. Although BTC was yesterday Softer than expected U.S. inflation data, second-hand open interest failed to revisit its May 2025 peak.
This shows that although the price momentum remains strong, participation in the futures market has also weakened. This decline in open interest often indicates the confidence or speculative interest of traders, which can be before a short-term correction or slowdown in momentum.
Taha also highlighted the recent withdrawal of more than $750 million from derivatives exchanges, a figure similar to the massive outflow seen on May 29, after it was before the price of BTC fell. He explained:
Such synchronous outflows often indicate capital rotations or strategic shifts in traders’ behavior, and when they appear near market highs, they may also reflect hedging or de-risk activity.
Taha concluded that BTC failed to decisively break through its ATH—plus the lack of confirmation of second-hand equity interest and repeated Stablecoin outflows, which increased the likelihood of a recent pullback.
However, this does not necessarily undermine the broader bullish trend. Instead, this may indicate that a healthy correction or merge phase is required before BTC can build enough momentum to push to new highs.
BTC is still clear
Although there are some Warning signalthe overall sentiment around BTC is still widespread. It is worth noting that the current set will However Showcases signs of retail-driven mania, which is usually top of the main market.
Although miners to exchange transfers have seen the recent rise – Indicates that sales pressure for miners increases – Macroeconomic trends continue support Bullish attitude.
Specifically, BTC appears to be tracking the growth of the global M2 currency supply. At press time, BTC was trading at $107,336, down 2.4% in the past 24 hours.
Featured images from Unsplash.com, charts from CryptoQuant and TradingView.com
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