Bitcoin On-Chain Weekly: Activity Up, Reserves Down

Weekly Bitcoin Onchain Report – October 08

Active Addresses

Between October 1 and October 8, 809,344 active addresses entered the Bitcoin network. During this period, the Bitcoin price rose up to $124,000. Especially on October 2, the number of active addresses decreased, while the Bitcoin price moved towards $124,000. From a technical perspective, it is noteworthy that the 7-day simple moving average (SMA) is moving upwards. This technical signal indicates buying on the market.

Active Sending Addresses

Between October 1 and October 8, there was an upward trend in the “Active Sending Addresses” metric. On the day of the price peak, this metric stood at 726,445, indicating that user activity on the Bitcoin network has moved in tandem with the price. This data shows that the $124,000 level is supported not only by price, but also by buying    in terms of on-chain address activity. Overall, the Active Sending Addresses     metric trended upwards during this period.

Active Receiving Addresses

Between October 1 and October 8, there was a regular rise in active buy addresses with the Black Line (price line). On the day the price reached its high, active buying addresses rose as high as 548,224, indicating that buyers bought Bitcoin at $118,000.

Breakdowns

MRVR

On October 1, the Bitcoin price was $118,639, while the MVRV Ratio was 2.192. As of October 7, the Bitcoin price rose 2.34% to $121,420, while the MVRV Ratio increased 1.19% to 2.218.

 Realized Price

On October 1, the Bitcoin price was $118,639 while the Realized Price was 54,115.
As of October 7, the Bitcoin price rose to $121,420, up 2.34%, while the Realized Price rose to 54,733, up 1.14%.

 Spent Output Profit Ratio (SOPR)

On October 1, the Bitcoin price was $118,639 while the SOPR metric was 1,038.
As of October 7, the Bitcoin price was up 2.34% to $121,420, while the SOPR metric was up 0.29% to 1,041.

Derivatives

Open Interest

Open interest increased steadily from around $44.5 billion on October 1 to $47.5 billion on October 6. During this period of increase, the price rose similarly. However, after October 6, both open interest and price declined sharply. As of October 8, open interest has fallen to $45.2 billion and the price to $121,800. This picture shows that the market was supported by increasing positions during the uptrend, but in the subsequent decline , the positions were quickly closed or liquidated. In other words, investor interest seems to have first strengthened and then diminished with the market correction.

 Funding Rate

While funding rates started low at the beginning of the month (around 0.004%), they rose significantly between October 4-6, reaching as high as 0.011%. During this period, the Bitcoin price also increased gradually, peaking on October 6. However, both price and funding rate values decline after October 6. On October 7, there was a significant decline, while on October 8, the funding rate recovered slightly to 0.008%. This shows that long positions became dominant during the uptrend and partially decreased as the price declined. In general, it can be said that the market is trying to return to balance after a short-term overbought trend.

 Long & Short Liquidations

Last week, the BTC price, which rose from $114,000 to $126,199, reacted from this region and fell as low as $120,574. However, mainly short positions were liquidated. 364 million USD long and 661 million USD short transactions were liquidated.

Supply Distribution

Total Supply: 19,931,096 units, up approximately 0.03142% from last week.

New Supply: The amount of BTC produced this week was 6,257.

Velocity: Velocity, which was 12.11 last week, has not changed as of October 6.

According to the latest weekly data, Bitcoin wallet distribution showed a mixed outlook. The share of wallets holding <1 BTC increased from 8.0581% to 8.4364%, an increase of about 4.70%. The 1-10 BTC range fell by about 0.19%, from 11.3815% to 11.3598%. In the 10-100 BTC group, the share slipped slightly from 24.5373% to 24.5350%, down by about 0.01%. The 100-1,000 BTC range saw an increase of about 1.20%, rising from 30.0035% to 30.3649%. The 1,000-10,000 BTC band decreased from 17.7176% to 17.5290% , down about 1.06%. The share of 10,000+ BTC wallets decreased by about 1.71%, from 7.9101% to 7.7751%.

 Exchange Supply Ratio

Data from the Bitcoin Exchange Supply Ratio table, which shows how much of Bitcoins are held on exchanges compared to the total supply of Bitcoins, showed low rates this week. With the arrival of the new ATH ratio for Bitcoin, the general trend between the Bitcoin price and the rate of supply entering exchanges reveals that a negative correlation dominates these two variables. It shows that most of the Bitcoins have started to be removed from wallets and the market is ready to sell.

Between October 1 and October 7, the Bitcoin Exchange Supply Ratio decreased from 0.12444416 to 0.12319105. During this period, the Bitcoin price rose from $120,000 to $125,000. The divergence of the two variables, especially this week, suggests that despite the rise in price, the amount of Bitcoin supplied to exchanges has decreased, possibly indicating that long-term investors have stopped holding their assets. It seems that a general decline in the Bitcoin price may prevail.

Exchange Reserve

Between October 1-7, 2025, Bitcoin reserves on exchanges decreased from 2,502,870 BTC to 2,455,386 BTC, with a total net outflow of 47,484 BTC. During this period, reserves decreased by about 1.90%, while the BTC price rose from $114,046 to $121,420, gaining 6.47%. The fact that exchange reserves continued to decline as the price rose suggests that selling pressure remained limited and investors maintained their long-term holding tendency. This trend indicates that the contraction on the supply side supports the price and if the outflows continue, upward movements may continue.

Fees and Revenues

An analysis of Bitcoin Fees per Transaction (Mean) data between October 1-7 shows that the indicator was at 0.00000767 on October 1, the first day of the week.

As of October 3, the value peaked and fluctuated after this date due to the volatility in Bitcoin price. On October 5, it fell to 0.00000513.

In the following days, the Bitcoin Fees per Transaction (Mean) indicator resumed an upward trend, but closed at 0.0000094 on October 7, the last day of the week .

Bitcoin: Fees (Total)

Similarly, an analysis of Bitcoin Fees (Total) data for October 1-7 shows that the indicator was at 3.63458238 on October 1, the first day of the week.

As of October 3, the value peaked and fluctuated after this date due to the volatility in Bitcoin price. On October 5, it fell to 2.69336047.

In the following days, the Bitcoin Fees (Total) indicator resumed an upward trend, but closed at 4.04398191 on October 7, the last day of the week.

Miner Flows

According to the data obtained from the Miner Reserve table, there has been a slight increase in Bitcoin reserves held in miners’ wallets this week. A time-varying correlation structure was observed between Bitcoin price and miner reserve over the time period analyzed. However, the general trend suggests that a positive correlation between these two variables is dominant.

Miner Inflow, Outflow and NetFlow

Between October 01 and 07, 50,072 Bitcoins exited miners’ wallets, and 52,819 Bitcoins entered miners’ wallets between the same dates. The Miner Netflow for this week was 2,747 Bitcoin. Meanwhile, the Bitcoin price was $118,639 on October 01 and $121,420 on October 07.

For the week, the net flow (Miner NetFlow) was positive as Bitcoin inflow into miner wallets (Miner Inflow) was higher than Bitcoin outflow from miner wallets (Miner Outflow).

Transaction

Last week, there were 3,534,053 transactions on the Bitcoin network, while this week the number of transactions decreased by 13.66% to 3,051,412. The highest transaction volume of the week was 525,223 on October 5, while the lowest was 381,450 on October 2. While the period between October 2-5 continued with regular transaction increases, this outlook deteriorated with the pullback on October 6. The fact that the number of transactions has decreased considerably compared to last week and the highest number of transactions on the weekend and the lowest number of transactions on weekdays indicates a rare situation that has not been seen for a long time. When the relationship between transaction count and price is analyzed, balanced collation seems to be dominant throughout the week.

Tokens Transferred

While a total of 4,803,729 BTC was transferred last week, this week the transfer volume increased by 15.1% to 5,528,990 BTC. The highest daily transfer volume of the week was 1,004,731 BTC on October 3, while the lowest transfer volume was 587,665 BTC on October 4. The correlation between the amount of tokens transferred and the price fluctuated throughout the period. When the relationship between the amount of tokens transferred and the price was analyzed, it was seen that positive correlations were concentrated throughout the period. In other words, it can be said that users who made large volume transactions in the bitcoin price increase in this period directly supported the price movements.

Considering the decrease in the number of transactions and the increase in the amount of tokens transferred, it can be concluded that high-volume traders dominated the activity during this period.

Whale Activities

Whales Data:

In the last 7 days, according to the data in the cryptocurrency market, whale activity on the central exchange has increased slightly in a narrow band from the beginning to the end of the process. When we look at the Exchange Whale Ratio metric, on October 1, the first day of the 7-day period, the rate of whales using central exchanges was 0.393, the lowest point of this process. On October 5, it reached 0.477, forming the peak of the process. When this ratio is above the 0.35 – 0.45 band, it usually means that whales use centralized exchanges frequently. The metric, which currently stands at 0.443, continues to be in a narrow band. BTC is seen to have risen from $113,000 to a new record high of $126,000 in this process. At the same time, total BTC transfers increased by 15% compared to last week, with 5,528,259 BTC moving. On-chain data shows a significant change in the behavior of long-term whales. The average inactivity hit a one-month high in early October 2025. Market signals are giving early warnings of potential selling pressure as some investors seem ready to take their profits. This could signal possible selling pressure or a price drop in the coming period. As a result, Bitcoin’s current on-chain dynamics pointed to a potential change in whale behavior that could shape the market’s next big move. It clearly shows a 30-day bearish trend in whale holdings and confirms that large investors have sold a significant amount of Bitcoin over the past month. This sustained selling pressure coincided with Bitcoin’s struggle to stay above $120,000, adding to volatility and short-term uncertainty.

BTC Onchain Overall

*The metrics and guidance in the table do not, in and of themselves, describe or imply an expectation of future price changes for any asset. The prices of digital assets may vary depending on many different variables. The onchain analysis and related guidance are intended to assist investors in their decision-making process, and making financial investments based solely on the results of this analysis may result in harmful transactions. Even if all metrics produce a positive, negative or neutral result at the same time, the expected results may not be seen according to market conditions. Investors reviewing the report would be well advised to heed these caveats.

Legal Notice

The investment information, comments and recommendations contained in this document do not constitute investment advisory services. Investment advisory services are provided by authorized institutions on a personal basis, taking into account the risk and return preferences of individuals. The comments and recommendations contained in this document are of a general type. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained in this document may not result in results that are in line with your expectations.

NOTE: All data used in Bitcoin onchain analysis is based on Cryptoqaunt.