Bitcoin Soars to $106K! You Won't Believe What's Driving It! 🚀💰

Well now, folks, if you thought a fellow’s pockets could only get so fat, think again. This week, Bitcoin, that flashy little number, has swaggered up past $106,000, all thanks to some good old-fashioned spot market hustle. Coinbase, that shiny exchange in the land of Uncle Sam, is buyin’ like a kid in a candy shop—throwing around a cool $45 million daily, as if money grew on trees, according to those wise folks at Glassnode.

This here rally kicked off after Bitcoin dipped just shy of $75,000 in April, and ever since, it’s been like watchin’ a pig at a mud hole—full of vigorous grunts and splashes. The market’s been hoarding coins, ETF fans have been shoveling in cash, and the sell-side folks are now chillin’ in the shade, scratchin’ their heads. It’s got the all the makings of a bull run with more juice than a summer lemonade stand.

Spot Market Takes the Cake, Derivatives Just Sit There

Unlike those wild days when everyone was gamblin’ with borrowed coins, this time it’s all about real folks buyin’ and holdin’. According to the report, Bitcoin has been like a steady farmhand, working just fine in the $93,000–$95,000 range—supporting last year’s new farmers just gettin’ their feet wet in the market.

The price hasn’t just been whimsically jumpin’ around; it’s been climbin’ the stairs, stage by stage—like a determined mountain climber with a stubborn grip. Meanwhile, those derivative markets, with their fancy perpetuity futures, have been drooping—interest down 10%, with traders losing faith faster than a snowball in July. Could be a sign the shorts got squeezed—these bears might be gettin’ their paws burnt good.

And the funding? Well, it’s about as neutral as a turtle on a sunny log. No wild leverage rodeo, just steady trading, suggestin’ there’s still some juice left in this run. Coinbase and Binance’s buyers are flooding in, with Coinbase digging in deep for American institutions—buyin’ while the sell pressure from Binance’s side has eased off like a tired old hound.

Long-Holders Are Cashing Out, but Folks Are Still Wantin’ More

Now, some of the folks who held onto their Bitcoin for the long haul are finally takin’ a little profit—like a farmer sellin’ a few extra eggs. According to a fellow going by Avocado Onchain (a fine name), those dormant coins are startin’ to wake up—they’ve moved a bit, but not enough to cause a stampede. The question remains, will the long-term holders hold their horses or take all they can get?

According to Glassnode’s wisdom, short-term traders are celebratin’ with profits three standard deviations above their usual—like a fireworks show in July. But don’t get too excited; the real top is usually waitin’ for five deviations to cap off the bull ride. So, keep your hats on and your eyes peeled, folks, ’cause this here wild ride ain’t over yet!

2025-05-18 20:43

Bitcoin Soars to $106K! You Won’t Believe What’s Driving It! 🚀💰

Spot Market Takes the Cake, Derivatives Just Sit There

Long-Holders Are Cashing Out, but Folks Are Still Wantin’ More

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