Bitcoin climbed past $65,000 on Thursday, fueled by a softer-than-expected CPI print that boosted risk assets. The move pushed BTC to its highest level in two weeks, briefly touching $65,300 before settling near $64,800. However, the rally was accompanied by noticeably thin spot volumes, with major exchanges reporting just $18 billion in daily turnover-roughly 30% below the monthly average.
On-chain data reveals a contrasting signal from long-term holders. Addresses that have held BTC for more than 155 days increased their exchange inflows by 12% over the past 48 hours, according to Glassnode. This cohort now controls over 14.5 million BTC, and any shift in their behavior often precedes a local top. The last time such a spike occurred was in mid-March, just before Bitcoin corrected from $73,000 to $61,000.
The divergence between price action and holder sentiment suggests the post-CPI rally may lack conviction. Open interest in Bitcoin futures rose only 2% during the same period, indicating that fresh capital is not flowing in aggressively. Without a surge in organic demand, the $65,000 level could act as resistance rather than a launchpad.
Have you adjusted your position based on long-term holder activity, or are you waiting for volume confirmation?
NFA · DYOR · Not financial advice