Key takeaways:

• US spot demand on Coinbase keeps Bitcoin anchored above $110,000.

• 7,300 dormant BTC moved, hinting at profit-taking.

• Derivatives wallets mobilized 364,000 BTC, signaling looming volatility.

Bitcoin (BTC) continued to solidify its footing above $110,000, bolstered by strong spot demand from US-based investors. The Coinbase Premium Index, which tracks the price differences between BTC on Coinbase and global exchanges, has remained firmly positive during the recent liquidation-driven sell-off. 

On Oct. 10, the index spiked to 0.18, its highest reading since March 2024, suggesting that large spot bids were actively filled between $110,000 and $100,000 despite the market panic. A positive premium typically signals sustained US buying interest, reinforcing near-term market resilience.

Supporting this narrative, onchain data from CryptoQuant highlighted rapid accumulation among short-term holders (STHs), specifically wallets holding BTC for under a month. Following the recent correction, STH supply surged from 1.6 million BTC to over 1.87 million BTC within days, underscoring aggressive dip-buying behavior. 

However, older coins have begun moving again, introducing a potential source of short-term friction. Roughly 7,343 BTC aged between two and three years were reactivated and moved onchain this week, a signal that some long-term holders may be realizing profits or repositioning. 

According to crypto analyst Maartunn, Binance’s net taker volume indicated persistent selling pressure, while the short-term holder Spent Output Profit Ratio (STH-SOPR), which measures whether recent spenders are selling at a profit or loss, remains below 1.

This suggested active profit-taking was still prevalent among STHs, a dynamic that has temporarily capped credible recovery momentum despite the strong accumulation backdrop of other participants. 

Related: DOGE holders are buying dips: Is $1.60 by 2026 realistic?

364,000 “mobilized” BTC signals conflicting scenarios

Meanwhile, data from CryptoQuant painted a dual narrative for Bitcoin, with one of steady accumulation colliding with looming short-term volatility. While the 30-day Netflow simple moving average (SMA) shows a historic outflow of 5,620 BTC, signaling long-term holder confidence and shrinking exchange supply, an opposing trend is unfolding in the derivatives arena.

From Oct. 9 to Oct. 14, roughly 364,000 BTC was mobilized within derivatives exchanges’ internal wallets, primarily Bitfinex (210,000 BTC), Bybit (108,000 BTC), and Binance (37,000 BTC). These movements reflect traders arming margin accounts with existing capital to prepare for significant leveraged positions.

This clash between a tightening supply base and swelling derivatives activity sets the stage for heightened volatility. While the macro trend remains bullish, the near-term setup suggests an approaching inflection point for BTC.

Related: Bitcoin’s ‘Uptober’ vibes hinge on Fed rate cut odds, Nasdaq and tech stocks’ response

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.