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Key Takeaways Bitcoin’s rally above $118K was backed by a $200 million Net Taker Volume spike and falling NVT Ratio, but rising MPI and clustered short liquidations suggest possible near-term volatility despite strong spot demand. Bitcoin [BTC] has punched through its previous highs, clocking a new all-time high of $118,000. In tandem, Binance’s Net Taker Volume surged past $200 million, a level not seen since February 2025. This metric reflects aggressive market participation as buyers lift offers to chase price gains.  Historically, such spikes in taker volume often signal the start of breakout rallies. However, this behavior has also preceded local tops, prompting caution.  As excitement builds, traders should examine supporting on-chain and derivatives indicators to assess whether the uptrend can hold or if a cooldown is imminent. Source: CryptoQuant Are miners preparing to sell as MPI spikes over 150%? The Miners’ Position Index (MPI) surged by 153.17% to 2.13, at press time, suggesting that miner outflows now far exceed their one-year average.  This behavior typically reflects growing intent to liquidate holdings, especially during strong price action. While not always a market top indicator, elevated MPI often foreshadows caution zones, especially when paired with euphoric price action. If more miners join the selling side, it could spark a cooling wave. Source: CryptoQuant Exit signs or stay signals? What THESE mean for BTC’s rally Despite the price surge, exchange Netflow on the 12th of July remained modest at -$9.22 million. While consistent negative netflows support bullish narratives, the current scale of outflows is not as aggressive as past accumulation phases.  This restrained behavior could either signal market confidence or a hesitation to commit more capital.  Source: CoinGlass Network usage backs the move! The Network Value to Transaction (NVT) Ratio dropped by 31.07% to 19.61, reflecting increased on-chain transaction volume relative to…

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Filed under: News - @ July 12, 2025 6:25 pm