Bitcoin price stability around the $109 000 level has been supported by a rotation of capital from large Bitcoin holders into Ethereum and UK sovereign debt, according to on-chain analytics. This strategic reallocation has coincided with a surge in UK gilt yields, which have reached multi-year highs and provided an alternative yield option for crypto investors.
Market participants point to the upcoming US nonfarm payroll report as another factor influencing Bitcoin’s price action. Anticipation of potential changes in Federal Reserve policy has contributed to short-term price consolidation, as traders adjust positions ahead of the data release.
Despite persistent market concerns, Bitcoin’s on-chain metrics show that whale wallets have been reducing Bitcoin exposure while simultaneously increasing Ether holdings. This suggests a growing confidence in Ethereum’s upcoming network upgrades and a broader shift toward diversified yield strategies within the crypto ecosystem.
Looking ahead, analysts expect Bitcoin to remain range-bound until clearer signals emerge from macroeconomic indicators and bond markets. Any sustained break above $110 000 could reignite bullish momentum, while a drop below $107 000 may trigger further profit-taking and increased volatility.
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