Bitcoin's Price Recovery Masks Underlying Liquidity Concerns
Bitcoin's recent price recovery has been encouraging, but its underlying liquidity is still a concern. According to Darkfost's analysis, the cryptocurrency's spot demand remains relatively weak despite its 40% climb from July's low of $58,500 to near $82,000 in just two months.
The 90-day Cumulative Volume Delta, which measures the change in trading volume, is still sitting in neutral territory. However, futures activity suggests that buyers are gaining the upper hand, and Bitcoin's momentum has turned clearly positive with its daily RSI reaching 67.
Darkfost notes that a clean move above $80,000 could be the level needed for liquidity to return more decisively. Currently, Binance's stablecoin reserves have increased by $1.6 billion over the past month, but this recovery remains limited, and the change in stablecoin market capitalization held in Binance's reserves has only climbed back to -1.6% from a low of -17% during the correction.
Bitcoin whales have barely changed their positions over the past week, holding around 5.23 million BTC as markets head into a packed stretch of macro and policy events that could trigger a sharp move.