BTC trades sideways at high levels as on-chain accumulation and macro signals resonate in the market

As of June 30, 15:00 (UTC+8), Bitcoin (BTC) was trading at $107,631, having fluctuated within the $106,300 to $108,700 range over the past 72 hours, with volatility stabilizing. Ethereum (ETH) edged up to $2,500, while Solana and Cardano also moved higher, pushing the total crypto market capitalization to approximately $3.28 trillion. On-chain data shows that Bitcoin balances on exchanges have dropped to historic lows, indicating sustained accumulation by long-term investors and supporting the market’s bottom structure. Meanwhile, last Friday’s options expiry on Deribit did not cause significant market disruption, easing short-term pressure.

On the macro front, the latest statements from Federal Reserve officials remain dovish, reinforcing market expectations for a rate cut in July or September. The US Dollar Index weakened and US Treasury yields retreated, providing some support for crypto assets. In addition, a recent World Bank report noted that while crypto assets offer liquidity advantages, they are not yet suitable as official reserves, reflecting that their institutional attributes are still developing. Overall, BTC is currently at the intersection of technical consolidation and macro policy dynamics. While the market direction remains uncertain, there is strong support at the bottom and liquidity conditions are stabilizing.