Bitcoin buyer dominance at $111K suggests 'another wave' of gains

Key points:

• Bitcoin buyer interest remains strong at all-time highs, contrasting with the first touch of $100,000 in 2024.

• The BTC price uptrend “may continue” as a result, CryptoQuant analysis concludes.

• Bitcoin short-term holders are firmly in the black in a further potential bull market boost.

Bitcoin (BTC) buyers remain dominant on exchanges as all-time highs are met with unusual optimism.

Data from onchain analytics platform CryptoQuant shows a 90-day cumulative volume delta (CVD) favoring Bitcoin bulls.

BTC price all-time highs continue to find support among traders, with buyers staying dominant despite the market surging 50% in under two months.

Analyzing 90-day CVD, CryptoQuant contributor Ibrahim Cosar reveals the extent to which sellers have ceded control during that period.

“In short: Buy orders (taker buy) have become dominant again. In other words, more buy orders are being placed in the market than sell orders,” he summarizes. 

CVD measures the difference between buy and sell volume over a three-month period. Until mid-March, sell-side pressure dominated the order book, with BTC/USD hitting multimonth lows under $75,000 in early April.

Neutral conditions then prevailed until buyer dominance reentered in May.

“The summary of the situation: As the price tests above $110K and reaches a new all-time high (ATH), buyers have not backed down. This could be setting the stage for another wave of upward movement,” Cosar concludes.

As Cointelegraph reported, hodlers have broadly refrained from distributing coins to the market at current levels.

Related: Bitcoin 'looks exhausted' as next bear market yields $69K target

Daily profit-taking is half of what it was when Bitcoin first reached $100,000 in December 2024, research shows, while the price is 10% higher.

“Older coins were much less active this time, signaling stronger holding behavior,” onchain analytics firm Glassnode added in an X thread on the topic.

Coin age distribution shows the shift:

🔺 76.9% (May 2025)
🔻 44.6% (Dec 2024)

>6m-old coins:
🔻 13.4% (May 2025)
🔺 24.7% (Dec 2024)

Older coins were much less active this time, signaling stronger holding behavior. pic.twitter.com/8PZq8p3ZX7

CryptoQuant notes that price momentum increased after reclaiming the average cost basis for Bitcoin’s short-term holder (STH) cohort at just under $100,000 — entities buying within the last six months.

“Bitcoin is rallying after reclaiming the Short-Term Holder Average Cost basis — a key level that often serves as a strong buy-the-dip indicator during bull markets,” it told X followers.

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.