Key Takeaways:
- Over $500 million in Bitcoin buy bids accumulated near the $70,000 level.
- Binance funding rates surged 781% above average before BTC lost $75,000.
- Long-term holders control 84.3% of supply, limiting aggressive sell pressure.
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Bitcoin dip buyers place $500M in bids as $70K retest looms
Bitcoin traders placed more than $500 million in buy bids near $70,000, as the largest cryptocurrency set up for a potential retest of that support level.
"The concentration of bids at $70,000 creates a liquidity wall that could either absorb selling or, if broken, trigger a cascade of liquidations," Darkfost, a market analyst at CryptoQuant, said.
Bitcoin traded near $73,000 on Thursday, down from a May high of $82,800. Binance netflows averaged +1,496 BTC over the past seven days, a 528% jump above the three-month average, CryptoQuant data shows. Funding rates on the exchange climbed 781% above their three-month mean before the price slipped below $75,000. Total crypto liquidations reached $935 million on Wednesday as the market shed $41 billion in value.
A break below $70,000 would put Bitcoin at its lowest since February and could trigger further downside toward $65,000, where the next major support sits. The $70,000 level also coincides with a concentration of options open interest, making it a critical inflection point for near-term price direction.
Long-term holders now control 84.3% of Bitcoin's circulating supply, matching levels seen when BTC traded between $105,000 and $126,000 in the third quarter of 2025, according to CryptoQuant. The lack of aggressive distribution from older wallets may slow the pace of any breakdown below $75,000.
Spot trading activity has cooled sharply. Binance monthly spot volumes fell to $36.4 billion from $198.6 billion in October 2025, an 81% decline, Darkfost noted. Lower spot volumes reduce immediate sell pressure since fewer coins are actively changing hands during periods of weak participation.
Realized losses have also declined. The 30-day moving average dropped to $12.85 million on May 26, from $56 million on Feb. 19, suggesting weaker capitulation activity near the $75,000 level, CryptoQuant data shows.
On the macro front, the Texas Comptroller of Public Accounts issued a request for proposals for custody and liquidity services to support the state's newly created Strategic Bitcoin Reserve. The RFP requires a transition plan that would shift existing IBIT holdings into directly custodied Bitcoin within 60 days of contract execution.
This article is for informational purposes only and does not constitute investment advice.
[1] Bitcoin dip buyers place $500M in bids as $70K retest looms[2] Texas Bitcoin reserve plans shift from ETF to direct BTC custody[3] Bitcoin enters cool-down phase under $75K as ‘active distribution’ rises[4] Bitcoin dip buyers place $500M in bids as $70K retest looms - MSN[5] Is Bitcoin’s relief rally over? – BTC risks falling below $70K again - AMBCrypto
