Despite increasing demand for Bitcoin, especially in the United States, reserves on exchange platforms<\/a> continue to decrease. Since the beginning of 2025, balances have plummeted by 14%<\/strong>, reaching only 2.5 million BTC<\/strong> – a level not seen since August 2022. This phenomenon reflects increased investor confidence and a long-term accumulation behavior.<\/p>\n\n\n\n Over-the-counter desks facilitating off-exchange trading also show signs of supply scarcity<\/strong>. Miner-associated addresses have seen their balances drop by 19%<\/strong> since January, now holding only 134,252 BTC<\/strong>. This widespread decline in available liquidity in the spot market could significantly amplify future price movements.<\/p>\n\n\n\n With open interest on Bitcoin futures contracts near record levels<\/strong> and funding rates turning negative<\/strong>, the derivatives market is in a tense situation<\/strong>. When real demand absorbs selling pressure despite the dominance of short positions, it creates an explosive mix<\/strong>.<\/p>\n\n\n\n This pattern has already occurred three times in the current cycle, each followed by a significant price surge. A fourth similar episode seems to have occurred recently, between June 6 and 8<\/strong>, when Bitcoin<\/a> surged from $104,000 to $110,000<\/strong> while funding rates were negative.<\/p>\n\n\n\n![\"BTC](\"https:\/\/media.investx.fr\/wp-content\/uploads\/sites\/5\/2025\/06\/image-9-1024x576.png?wsr\")
Derivatives Market under Pressure<\/h2>\n\n\n\n