According to @FarsideUK, Bitcoin (BTC) is in a standoff near its all-time high, trading above $105,500, characterized by a disciplined market rather than euphoria. On-chain data from Glassnode indicates that long-term holders are exhibiting extreme patience, with the long-term holder supply reaching 14.7 million BTC and metrics like aSOPR showing minimal profit-taking. This holder conviction is met with persistent institutional demand, evidenced by $2.2 billion in net inflows to spot BTC ETFs last week, as reported by QCP. However, QCP also notes that leveraged long positions are increasing, with funding rates turning positive. This creates a fragile equilibrium between patient capital and leveraged traders, which Glassnode suggests may require a significant market move to resolve. Adding to institutional interest, Figma disclosed a $70 million position in a Bitcoin ETF, and DeFi Development Corp. plans to raise $100 million to accumulate more Solana (SOL).

According to The Data Nerd, within a 24-hour window, Flow Trader deposited 12.7 million USDC to Binance, Bybit, and OKX. Additionally, QCP transferred 9 million USDC to Binance, and GSR made a substantial deposit of 35.92 million USDT to Bybit, Kucoin, and Bitget. Such large movements of stablecoins to exchanges often indicate potential trading activities or liquidity provision strategies.