Active Addresses, Whale Moves & Market Signals

Active Addresses

In terms of active addresses, there were 1,020,485 active entries on the BTC network this week between June 4 and June 11, 2025. During this period, Bitcoin rose to the $110,000 level. On June 6, at the intersection of price and the number of active addresses, the price increased while the number of active addresses decreased. When we follow the 7-day simple moving average, it is observed that the price followed an upward trend on the dates when this average cut the price. This situation indicates that there are entries up to $109,000.

Active Sending Addresses

With the Black Line (price line) in active shipping addresses, it is seen that there was a horizontal movement in active shipping addresses on June 4-11. On the day when the price reached the highest point, active sending addresses rose to 803,593 levels, and Bitcoin active address entries are observed to consider the $110,000 levels. As a result, there seems to be an increase in Active Sending Addresses.

Active Receiving Addresses

Along with the Black Line (price line) in active shipping addresses, there was a significant drop in active shipping addresses on June 7-8. On the day the price hit the high point, active receiving addresses rose to 511,539, indicating that buyers bought Bitcoin at around $110,000.

Breakdowns

MRVR

On June 4, the Bitcoin price was 104,724 while the MVRV Ratio was 2.228. As of June 10, the Bitcoin price was 110,215, while the MVRV Ratio was 2.335. Compared to last week, there was a 5.24% increase in Bitcoin price and a 4.80% increase in MVRV Ratio.

Realized Price

On June 4, the Bitcoin price was 104,724 while the Realized Price was 46,984. As of June 10, the Bitcoin price was at 110,215 while the Realized Price was at 47,197. Compared to last week, there was a 5.24% increase in Bitcoin price and a 0.45% increase in Realized Price.

Spent Output Profit Ratio (SOPR)

On June 4, the Bitcoin price was 104,724 while the SOPR metric was 1,021. As of June 10, the Bitcoin price increased to 110,215 while the SOPR metric decreased to 1,019. Compared to last week, Bitcoin price increased by 5.24% while SOPR metric decreased by 0.19%.

Derivatives

Open Interest

The movement in Bitcoin’s open positions between June 4-11 gives important signals about market dynamics. OI, which was around $34.7 billion on June 4, fell sharply to below $34 billion on June 5.  However, as of June 6, a strong recovery started both in Bitcoin price and Open Interest. Open interest rose to nearly $38 billion on June 9, while the price simultaneously moved upwards, reaching $110,500. This parallel increase indicates that the opening of new long positions pushed the price up. At the same time, it shows that the risk appetite of new capital entering the market increased during this period. However, since June 10, there has been a significant pullback in Open Interest. Although the price managed to stay at higher levels for a while while Open Interest fell, this divergence is not sustainable . The decline in Open Interest may indicate profit realizations or the closing of long and short positions, and there is a risk that the price may adjust to this decline in the short term.

Funding Rate

In the Bitcoin market, the funding rate data from June 4-11 provides clear signals for leveraged traders in terms of directional expectations. On June 4, funding rates were positive, indicating that long positions dominated. However, on June 6, it dropped sharply to -0.005, indicating that short positions became dominant. This decline is in line with the short-term decline in BTC price during the same period. As of June 7, funding rates started to recover. After June 8, rates moved back into positive territory, indicating that investor sentiment turned back to longs. On June 10 and 11, rates reached as high as 0.006, while the BTC price reached $109,600 during this period. This positive funding suggests that increased leveraged inflows to the long side of the market are supporting the price. However, it should be kept in mind that such positive rates can trigger excessive long accumulation and increase the risk of the market liquidating these positions in a reverse move. Therefore, this rise in funding rates should be considered as a signal to be considered for a possible increase in volatility, even if there is upward momentum in the short term.

 Long & Short Liquidations

Bitcoin’s sharp decline on June 5th caused a large amount of liquidation. BTC, which then soared, caused a total of 384 million dollars worth of short transactions to be liquidated.

 Supply Distribution

Total Supply: 19,876,649 units, up about 0.0153% from last week.

New Supply: The amount of BTC produced this week was 3,044.

Velocity: Velocity, which was 12.96 last week, was 12.91 as of June 9.
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According to the latest weekly data, there was a 0.00% change in <1 BTC wallets, while there were changes of -0.03% in the 1-10 BTC range, +0.16% in the 10-100 BTC segment, -0.20% in 100-1k BTC, +0.08% in 1k-10k BTC and +0.08% in the 10k+ BTC category.

 Exchange Reserve

Between June 4-10, 2025, Bitcoin reserves on exchanges decreased from 2,512,951 BTC to 2,504,149 BTC. During this period, there was a total net outflow of 8,802 BTC and the Bitcoin reserves of exchanges decreased by approximately 0.35%. During the same period, the Bitcoin price increased by approximately 5.24% from $104,725 to $110,215. The decrease in reserves on exchanges suggests that investors continue to stay away from selling pressure and continue to hold assets in off-exchange wallets. This supply contraction stands out as a factor supporting the recent price appreciation. While strong buying interest is maintained in the short term, in the long term, the tightening on the supply side may keep upward pressure on the price.

 Fees and Revenues

Analysing the Bitcoin Fees per Transaction (Mean) data between June 4- June 10, it is seen that this value was 0.000014 on June 4, the first day of the week.

The data showed an upward trend until June 5, when it reached its highest level of the week at 0.00001522.

Following this, a downward trend was observed in the indicator, which fell to 0.0000103 on June 8, recording the lowest value of the week.

After this level, Bitcoin Fees per Transaction (Mean) started to rise again and closed at 0.00001248 on June 10, the last day of the week.

Bitcoin: Fees (Total)

Similarly, an analysis of Bitcoin Fees (Total) data from June 4 to June 10 shows that on June 4, the first day of the week, this value was 4.71820395.

The data showed an upward trend until June 5 and reached 4.87605976 on this date

Following this, a downtrend was observed in the indicator, which fell to 3.16718524 on June 8, recording the lowest value of the week.

After this level, Bitcoin Fees (Total) resumed its upward trend and closed at a weekly high of 5.34774316 on June 10, the last day of the week.

Miner Flows

According to data from the Miner Reserve table, there was a decrease in Bitcoin reserves held in miners’ wallets this week. At the beginning of the week, there was a positive correlation between Miner Reserve and Bitcoin price throughout the week.

Miner Inflow, Outflow and Netflow

Between June 4 and June 10, 38,047 Bitcoins exited miners’ wallets, and 37,129 Bitcoins entered miners’ wallets between the same dates. The Miner Netflow for this week was -918 Bitcoin. Meanwhile, the Bitcoin price was $104,724 on June 4 and $110,215 on June 10.

For the week, the net flow (Miner Netflow) was negative as Bitcoin inflow into miner wallets (Miner Inflow) was less than Bitcoin outflow from miner wallets (Miner Outflow).

Transaction

Last week, there were 2,578,656 transactions on the Bitcoin network, compared to 2,343,485 this week, a decrease of about 9.11%. The 290,575 transactions recorded on June 7 was the lowest transaction volume of the week, while the highest number of transactions was 428,628 on June 10.

Although the correlations between price and number of trades were mixed during the week, the overall balance was maintained. This shows that fluctuations in trading volume are not exactly in line with price movements.

Tokens Transferred

While 4,438,695 BTC was transferred last week, it decreased by approximately 7.04% to 4,125,792 BTC this week. June 10 saw the highest token transfer volume of the week with 730,387 BTC transfers, while June 8 saw the lowest token transfer volume with 390,348 BTC. Negative correlations between the amount of BTC transferred on the network and the price continued to be observed this week.

Whale Activities

Whales Data

Over the last 7 days, data from the cryptocurrency market showed that whale activity on centralized exchanges was high at the beginning of the process. Towards the middle of the process, these activities declined. When we look at the Exchange Whale Ratio metric, June 4, the first day of the 7-day period, measured the rate of whales using central exchanges at 0.706, which was the peak of the process. When this ratio is above 0.35, it usually means that whales use central exchanges frequently. This measurement decreased towards the middle of the process, falling to 0.416 on June 6, which was the low point of the process. It currently stands at 0.568 and centralized exchanges continue to be used frequently. BTC’s value of $104,000 at the beginning of this process and its movement between $100,000 and $110,000 throughout the process indicates that whales are using central exchanges mostly to make purchases. At the same time, total BTC transfers saw 4,125,792 BTC move, down nearly 3% from last week. The data signaled potential shifts in market dynamics as Bitcoin whales holding between 10 and 10,000 BTC in their wallets have recently embarked on an unprecedented accumulation spree. This accumulation surge, totaling more than 79,000 BTC in just one week, highlighted growing confidence among key holders in the evolving macroeconomic and regulatory environment.  As a result, such a significant increase in accumulation and the aggressive buying behavior of mid-tier whales could herald a supply shock and subsequent price spike in Bitcoin.

BTC Onchain Overall

*The metrics and guidance in the table do not, by 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 is 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 bullish, bearish or neutral result at the same time, the expected results may not be seen depending on 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.