Bitcoin Price Declines 9.3% Amid Increased Long-Term Holder Accumulation

Bitcoin has declined by approximately 9.3% in the past 24 hours, now trading at $105,062, about 8% below its all-time high from last month. This decline occurs amid market volatility, yet on-chain indicators suggest potential structural trends influencing Bitcoin's price.

Key Developments

Long-term holders are accumulating Bitcoin.
Binance's share of spot trading volume increased from 26% to 35% since early June.
The Long-Term Holder Net Position Realized Cap is above $20 billion, indicating confidence among long-term investors.
Over two days, Kraken and Bitfinex saw net outflows exceeding 20,000 BTC, suggesting a shift towards self-custody.

Despite the short-term price decline, rising exchange volumes, accumulation by long-term holders, and significant withdrawals from exchanges indicate underlying market strength and may support future growth.