- Bo Hines warns sellers as Bitcoin holders strengthen long-term positions.
- On-chain data reveal rising self-custody and fading short-term trading.
- Bitcoin battles $114,000 resistance while investors brace for breakout.
Former White House crypto advisor Bo Hines has voiced strong confidence in Bitcoin’s future, saying he feels sorry for anyone selling their coins. His remarks come as on-chain data point to a growing wave of long-term holders removing Bitcoin from exchanges, signaling renewed conviction in the asset’s potential.
According to CryptoQuant analyst Burak Kesmeci, the 30-day moving average of Bitcoin’s net inflows to Binance has recently turned negative. This shift suggests more investors are moving their Bitcoin into self-custody wallets, reflecting stronger trust in its long-term value.
Kesmeci also explained that tracking the 30-day trend gives a more accurate view of market behavior than focusing on daily changes.
Many analysts believe this trend shows that market participants are becoming less interested in short-term trading. Negative exchange inflows often mean fewer people are looking to sell, which supports prices during periods of market uncertainty. Consequently, this holding pattern highlights growing confidence that Bitcoin could see another major rally once resistance levels are cleared.
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Bitcoin Price Holds Steady as Traders Await Key Breakout
Bitcoin’s price recently traded near $108,297, with a market capitalization of $2.15 trillion and daily trading volume of $103 billion. Despite several attempts to move higher, the cryptocurrency continues to face strong resistance around $114,000. A confirmed daily close above that level could pave the way toward $119,000 and even $123,000.
If the price fails to break through, analysts expect it to find solid support between $105,000 and $102,000. Market participants remain cautious following the record $19 billion liquidation event earlier this month, which wiped out excessive leverage.
Data from Glassnode indicate that Bitcoin futures open interest has dropped by nearly 30 percent since that liquidation. This decline means less risk of widespread forced selling, yet it also creates the possibility of a short squeeze if the price surges beyond $114,000.
Bo Hines’ remarks mirror the current sentiment in the crypto market. Investors appear to be tightening their grip on Bitcoin, confident that selling now could mean missing out on greater gains ahead.
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