Bitcoin Pulls Back After Briefly Topping $122,000

Bitcoin’s latest surge hit a snag after briefly touching $122,000 earlier this week. As of now, it’s hovering around $119,053—nothing dramatic, just a slight step back after the climb. Traders seem to be catching their breath, watching to see if this is just a pause or something more.

One thing they’re keeping an eye on? Where all the trading action is happening. Binance, the biggest player in the game, has been dominating volume lately. And according to CryptoQuant’s BorisVest, that might tell us something about how solid this rally really is.

What Exchange Volumes Reveal

Back in early 2024, when Bitcoin first hit its then-all-time high, Binance was handling more than double the volume of every other exchange combined. That’s not unusual—it’s the biggest platform, after all. But later that year, when BTC retested those highs, other exchanges started seeing more action too.

The weird part? By mid-2025, when Bitcoin set another record, overall trading volume across the market didn’t really jump. Binance still led by a wide margin, but without broader participation, some analysts got nervous. Historically, when new highs come with volume spikes everywhere, it’s a better sign. When it’s just one exchange driving things, the rally might not have legs.

That doesn’t mean a crash is coming. But it’s worth noting.

Are Long-Term Holders Selling?

Meanwhile, another analyst—Avocado onchain—has been tracking something called Binary Coin Days Destroyed (CDD). Fancy term, but it basically measures when old Bitcoin suddenly moves. Lately, it’s dipped after a small rise, which could mean long-term holders aren’t rushing to cash out.

In the past, spikes in this metric often led to price drops. But these days, with more institutional money and over-the-counter deals muddying the waters, it’s harder to read. Right now, the market seems to be moving in a “stair-step” pattern—up a bit, sideways a bit, then up again. Not the most exciting, but it might keep things stable longer.

The bigger picture? Long-term holders aren’t dumping their coins yet. That could mean they’re waiting for even higher prices. Or maybe they’re just not worried. Either way, unless something shakes things up, Bitcoin’s slow grind might have room to keep going.

Chart from TradingView