Bitcoin is consolidating quietly around $105,000, but beneath the surface, a powerful setup is forming. This period of stability isn’t boredom; it’s a strategic Bitcoin accumulation phase, according to key on-chain metrics.
Bitcoin Accumulation Phase: The Calm Before the Storm?
While price action has been muted, the data reveals that an enormous amount of “dry powder” is building up in stablecoins, waiting for the signal to flood into BTC. This combination of technical consolidation and growing liquidity often precedes the most explosive market moves.
The Bullish Signal in Stablecoin Liquidity
The most compelling evidence for this Bitcoin accumulation phase comes from the Stablecoin Supply Ratio (SSR). Analyst KriptoCenneti from CryptoQuant highlights that the SSR has plummeted from above 18 earlier this year to just 13.1—one of the lowest levels of 2025. What does this mean? A falling SSR indicates that the total value of stablecoins is growing much faster than Bitcoin’s market cap. In simple terms, there is a massive and growing pile of cash sitting on the sidelines, ready to be deployed into Bitcoin. This represents latent buying power that could ignite the next leg up.

Technical Picture: A Battle at Key Levels
Technically, Bitcoin is trading in a crucial range. The immediate support is firm at $99,000, a level that has been tested and held multiple times. On the upside, a clear break above $107,800 is needed to confirm a breakout and open the path toward the $112,000-$116,000 resistance zone. The RSI at a neutral 44 shows the market isn’t overextended in either direction, while the slightly negative MACD suggests short-term momentum is still weak. This Bitcoin accumulation phase is characterized by this tight range-bound trading, allowing the market to build energy for its next significant move.

Bitcoin ETF Shy Net Inflows
On November 10, Bitcoin ETFs managed to post a positive net inflow — but only just: a slim $1.2M, the smallest single-day net inflow on record for these products. That tiny uptick was reported exclusively by the Bitwise ETF, underscoring how fragile institutional demand remains; after recent large outflows, the market’s bid showed up in the smallest possible size, signalling more caution than conviction among big money.

The Verdict: Patience is a Virtue
For traders, this Bitcoin accumulation phase requires patience. The derivatives data shows open interest declining while volume increases, indicating position rotation rather than new leveraged bets. This is a healthy sign that reduces the risk of a violent liquidation cascade. The simultaneous decline in Bitcoin exchange reserves and rise in stablecoin reserves on platforms like Binance is a classic hallmark of market bottoms, where long-term holders absorb selling pressure. The stage is set; we are simply waiting for a catalyst.
My Thoughts
This is the most bullish setup I’ve seen in weeks. The growing stablecoin liquidity is a coiled spring. When it unleashes, the move could be violent to the upside. I’m treating any dip toward $99,000 as a gift and a final opportunity to accumulate before the next major leg of the bull market begins. The Bitcoin accumulation phase never lasts forever.
















