While Bitcoin (BTC) remained steady around $110,000, a notable drop in whale inflows has raised questions about this asset’s future trajectory. Notably, Binance whale inflows have reached cycle lows of just $2.99B, suggesting a shift in market dynamics. Analysts attribute this to large holders being relatively cautious and accumulating rather than taking profits. This suggests that Bitcoin’s rally may still have room to expand before any significant correction emerges. Several on-chain indicators point towards a possible continuation of the current upward trend: The NVT Golden Cross has dropped to 0.33, indicating less extreme valuation levels. A decline in futures and options activity further supports this observation as Bitcoin Futures volume dropped by 29.68%, while Options volume fell 37%. However, the market remains cautiously optimistic with long bias reflecting itself through Funding rates which remain positive at a level of 0.0075%. This hints towards a controlled speculative environment. The price action has been characterized as a consolidation phase as Bitcoin continues to test its key resistance zone near $111K. Technical indicators, including the Stochastic RSI and the rising trendline, support this notion. Despite short-term pullbacks, the overall market sentiment suggests continued bullishness for Bitcoin, fueled by a sustained demand from long-term holders. Bitcoin’s stability near $110,000, despite reduced whale inflows and a dip in derivatives activity, highlights a resilient market landscape.