Bitcoin’s struggle to hold above $105,000 has revealed a concerning trend: short-term holders (STHs) are accumulating BTC at an increasing rate. Data from Glassnode shows STH supply rebounded from 2.24M to 2.31M BTC in just days—a sign that often precedes near-term price weakness.

Why This Matters

• STHs (holders <155 days) are more likely to sell during volatility
• Long-term holders (LTHs) have reduced holdings by 0.13%, weakening market support
• Spot Bitcoin ETFs saw $342M outflows on July 1—first major pullback in weeks

Institutional Demand Still Strong

Despite recent outflows:
✅ 2025 ETF inflows total $13.4B
✅ BlackRock’s IBIT added $3.85B last month
✅ Figma holds 70M shares of Bitwise’s BITB ETF

Technical Outlook: Bears Gaining Control

📉 BBTrend shows growing selling pressure
📉 Whales took $2.6B profits on Binance (June 16)
📉 BTC underperformed S&P 500 & Nikkei in June

Key Levels to Watch:

• Support: $104,709 (if selling continues)
• Resistance: $107,745 → $109,310 (if demand returns)

What’s Next for Bitcoin?

July’s price action hinges on whether:
1️⃣ STHs hold or panic-sell
2️⃣ ETF flows rebound
3️⃣ Macro conditions improve