All Time High Bitcoin
Bitcoin (BTC) has once again made headlines by reaching new all-time highs, crossing the $110,000 threshold in May 2025. This milestone, however, has not triggered the typical sell-off seen in previous bull runs. Instead, market dynamics and on-chain data reveal a dominant buyer presence, indicating the possibility of another wave of gains in the ongoing crypto bull market.
A New Phase of Buyer Dominance
According to data from CryptoQuant, a leading on-chain analytics platform, Bitcoin's 90-day cumulative volume delta (CVD) has shown a decisive tilt in favor of buyers. The CVD metric, which measures the net difference between market buy and sell orders, has been trending upwards, signaling sustained bullish sentiment.
CryptoQuant contributor Ibrahim Cosar highlighted this trend, stating that "buy orders (taker buy) have become dominant again," suggesting that the recent rally may have further room to run. This shift in market behavior is particularly notable considering Bitcoin has appreciated over 50% in under two months, a move that typically provokes increased selling pressure.
Read more: Bitcoin Hitting Four-Month High Above $107,000: What’s Next for the Crypto
Comparing Today to December 2024
When Bitcoin first touched $100,000 in December 2024, the market reacted with considerable profit-taking. Many investors, especially short-term holders, took the opportunity to realize gains. However, the current breakout past $110,000 shows a stark contrast. Data indicates that profit-taking is down by nearly half compared to December, while the price is now over 10% higher.
Moreover, long-term holders (often referred to as HODLers) have continued to exhibit strong conviction, refraining from moving their assets to exchanges. According to insights from on-chain analytics firm Glassnode, older coins are less active this time around, reflecting a broader trend of accumulation and reduced sell-side pressure.
The Role of Short-Term Holders
Another important bullish signal comes from the behavior of short-term holders (STHs) — those who purchased Bitcoin within the last six months. CryptoQuant notes that the average cost basis for this cohort sits just below $100,000. The market has now reclaimed and held above this level, historically a bullish indicator in ongoing uptrends.
"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," CryptoQuant emphasized. When Bitcoin sustains levels above this cost basis, it usually signals that recent buyers are in profit, boosting confidence and reducing panic selling.
Interpreting the CVD and Market Psychology
The 90-day CVD data not only reflects net buying activity but also reveals deeper insights into market psychology. Since mid-March, selling pressure dominated as BTC/USD dipped to lows under $75,000. However, conditions stabilized, and buyer dominance returned in May, just as Bitcoin pushed past its previous all-time high.
This pattern supports the idea that the recent rally is not just a speculative spike but part of a broader structural uptrend driven by strong fundamentals and investor confidence. Sustained buyer activity at all-time highs is rare and typically precedes extended bullish phases.
Bitcoin Hodlers Are Holding Strong
One of the most critical factors differentiating the current cycle from previous ones is the behavior of long-term holders. The tendency to hold onto assets even as prices soar is a testament to a maturing investor base and greater confidence in Bitcoin's long-term value proposition.
As noted by Glassnode, the current distribution patterns show that older coins are staying put, reinforcing the thesis of accumulation. When coins remain dormant despite higher prices, it suggests that investors expect further appreciation, potentially pushing prices even higher as available supply tightens.
Technical and Psychological Milestones
Crossing the $110,000 mark is not only a technical achievement but also a psychological one. Round numbers often serve as key psychological barriers in trading. The market's ability to push through $110K and maintain momentum indicates robust demand and widespread optimism.
The next resistance levels are likely to be defined more by investor sentiment and macroeconomic factors than technical indicators alone. However, the current setup—characterized by buyer dominance, low selling pressure, and supportive cost basis metrics—offers a strong foundation for further growth.
Looking Ahead: Cautious Optimism
While the data and trends point to continued bullish momentum, it's important to remember that cryptocurrency markets are inherently volatile. Sudden macroeconomic shifts, regulatory developments, or unexpected market events could alter the trajectory. Investors are encouraged to remain informed and cautious, especially at elevated price levels.
However, based on current on-chain metrics and market behavior, the outlook remains optimistic. Bitcoin's buyer dominance at $111K is not an isolated event but part of a larger trend suggesting strong market support and the potential for continued gains.
Conclusion
Bitcoin's current performance, marked by a surge to all-time highs and a dominant buyer presence, is a clear indication of the maturing crypto market. With long-term holders remaining steadfast and short-term holders in profit, the conditions are favorable for continued bullish movement. The next wave of gains could be imminent, supported by strong fundamentals, robust market sentiment, and historically significant on-chain metrics.
As always, investors should exercise due diligence and stay updated with the latest market data. While the future looks bright for Bitcoin, informed decision-making remains the cornerstone of successful investing in the crypto space.
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