Bitcoin (BTC) Price Analysis: Spot and Futures Volume Rise, but Selling Activity Brings Pullback Risks

After Bitcoin (BTC) reached a historical high of $123,091, today (15) in the Asian early session it slightly pulled back, currently reported at $118,800, with the Spot and futures markets generally bullish. Despite the price increase, the surge in net inflow to Bitcoin exchanges indicates that the pullback phenomenon is intensifying.

Bitcoin Maintains Bullish Potential Amid Growing Sell-Off Activity

According to Glassnode data, driven by strong spot and futures trading, the price of Bitcoin reached a historic high of $123,091 early Monday morning. Over the past week, the price of Bitcoin has repeatedly hit new highs, marking the fifth historic peak since July 9, 2025.

The report emphasizes that the number of open contracts has risen to over $87 billion, while the financing payments have increased nearly 2 times, reaching $2.1 million, indicating a strengthening of bullish trader confidence.

On the other hand, the options market has shown moderate changes, with an increase in open contracts and a shift to negative skew, indicating that traders' bullish sentiment is rising.

Glassnode stated: "The market is in a phase of high profits and high confidence, thanks to the dual support of derivatives and Spot participation." Despite the positive outlook, such a high leverage ratio still puts the market at risk of significant price volatility.

As the trading volume of spot and derivative products changes, the demand for Bitcoin from accumulation addresses (wallets that have never spent any Bitcoin) has reached a new high.

According to data from CryptoQuant, these addresses accumulated about 248,000 BTC in July, worth approximately 2.95 billion USD, far exceeding the monthly average of 164,000 BTC, indicating a surge in recent buying activity.

CryptoQuant analyst Darkfrost wrote on Monday: "Although Bitcoin continues to break through historical highs, some long-term participants have begun to position themselves through accumulation."

The increase in demand is consistent with the surge in inflows to the Spot Bitcoin exchange-traded fund (ETF), which saw weekly inflows of $2.7 billion last week.

However, despite investors aggressively increasing their holdings, the selling pressure continues to intensify.

The net flow of Bitcoin on exchanges (measuring the difference between the inflow and outflow of Bitcoin on exchanges) shows that over the past four days, the inflow to centralized exchanges has far exceeded the outflow. Meanwhile, the profitable supply of Bitcoin has significantly increased, prompting investors to take partial profits.

(Source: CryptoQuant)

The acceleration of this trend may force Bitcoin prices to make a pullback, potentially wiping out multiple bullish positions.

QCP analysts wrote in a report to investors on Monday: "We maintain a structural bullish view on Bitcoin, thanks to ongoing institutional capital inflows and favorable macroeconomic conditions. However, at current levels, we tend to be cautious about entering the market, avoiding chasing the pump and instead positioning ourselves during pullbacks."