"Despite Massive Bitcoin Long Position Liquidations... Realized Market Cap Surpasses $37 Billion, Signs of Structural Change"

Recently, although Bitcoin (BTC) fell below $101,000 and massive long position liquidations occurred, the realized market cap of long-term holders (LTH) has continued to rise, suggesting possible structural changes within the market.

On the 7th, Amal Taha, an analyst at the digital asset analysis platform CryptoQuant, stated in a Quicktake report, "Recently, after the Bitcoin price experienced a short-term drop on Binance, long positions totaling around $160 million (approximately ₩220 billion) were liquidated." She added, "Most liquidation orders were concentrated around the $101,000 level, with excess leveraged buy positions being mainly cleared out."

In contrast, long-term holders raised realized market cap to over $3.7 billion. The increase in realized market cap hints at the possibility of some long-term holders taking profits, while simultaneously signaling that capital rotation and structural reshuffling are underway in the market.

Additionally, over 4,000 BTC were withdrawn from Binance, signaling changes in capital flows. The increasing withdrawals suggest a decrease in Bitcoin liquidity on the exchange and raise the possibility of external moves for long-term holding purposes.

The analyst predicted, "If these trends continue, long-term holders will be able to raise new funds and lay the foundation for a more sustainable bullish structure."