Bitcoin Onchain Insights: Network & Whale Trends Analysed

Active Addresses

In terms of active addresses, there were 1,088,447 active entries on the BTC network this week between May 28 and June 4, 2025. During this period, Bitcoin rose to the $107,000 level. On May 30 – 31, at the intersection of price and the number of active addresses on the chart, 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 also crossed the price. This situation indicates that the Bitcoin price is experiencing entries from 107,000 to 105,000 dollars.

Active Sending Addresses

With the Black Line (price line) in active shipping addresses, there was a significant drop in active shipping addresses on May 31. On the day when the price reached its lowest point, active sending addresses rose to 776,264 levels, and buyers considered these positions at $104,000. As a result, it is seen that there is a decrease in Active Sending Addresses.

Active Receiving Addresses

With the Black Line (price line) in active shipping addresses, there has been a significant drop in active shipping addresses after May 31. On the day of the price high point, active shipping addresses rose as high as 494,697, indicating that buyers took their positions at Bitcoin’s $107,000 level.

Breakdowns

MRVR

On May 28, the Bitcoin price was 107,800 while the MVRV Ratio was 2.31. As of June 3, the Bitcoin price was down to 105,391 and the MVRV Ratio was 2.24. Compared to last week, Bitcoin price decreased by 2.23% and MVRV Ratio decreased by 3.03%.

Realized Price

On May 28, the Bitcoin price was 107,800 while the Realized Price was 46,532. As of June 3, Bitcoin price decreased to 105,391 while Realized Price increased to 46,904. Compared to last week, Bitcoin price decreased by 2.23% and Realized Price increased by 0.80%.

 Spent Output Profit Ratio (SOPR)

On May 28, the Bitcoin price was at 107,800, while the SOPR metric was at 1,016. As of June 3, the Bitcoin price decreased to 105,391 while the SOPR metric increased to 1,027. Compared to last week, the Bitcoin price decreased by 2.23% while the SOPR metric increased by 1.08%.

Derivatives

Open Interest

On May 28, open interest was around $37.2 billion, and prices were also at high levels. However, from May 29 onwards, both open interest and prices fell sharply. This sharp pullback could be explained by the liquidation of highly leveraged positions or risk averse behavior of investors amid uncertainty. On May 30th, both metrics reached their lows, suggesting a short-term cooling in the market or a preference of investors to close their positions and wait on the sidelines. As of May 31, there has been a gradual recovery in open positions and a similar reaction on the price side. This simultaneous rise suggests that confidence has begun to rebuild in the market and new positions have been opened. However, there was a notable divergence on June 2: While the price moved upwards, there was a clear decline in open positions. This may indicate that investors remained cautious despite the uptrend, or that they took the uptrend as an opportunity and closed their positions. In the last two days, while the price has moved more sideways, open positions are moving upwards again. This suggests that new long position entries have started, but the price has not yet reacted strongly to this move. The fact that open positions are not following the price suggests that there is not yet enough confidence for the uptrend to turn into a strong momentum. Overall, this chart shows that the market has been quite cautious over the past week. Especially the episodes where price increases are not sufficiently supported by open positions raise questions about the permanence of upward movements. For a permanent rise in the short term, a synchronized increase in both price and open interest is needed. Unless this dual harmony is achieved, price movements may remain fragile.

Funding Rate

On May 28, the high funding rate indicates the intensity of long positions in the market. However, on May 29-30, there was a sharp drop in both the funding rate and the price, indicating the liquidation of long positions. As of May 31, the funding rate remained low while the price recovered. This indicates a cautious buying period. On June 2, the funding rate jumped again and the price also rose, but this move was not permanent. On June 3-4, although the funding rate remained positive, the upward momentum in the market weakened as the price remained sideways. In general, investors are still in favour of long positions, but the inability of the price to respond strongly increases the risk of a correction in the short term.

Long & Short Liquidations

Bitcoin retreated from $109,000 to $103,000 last week. With this movement, 480 million dollars of long and 213 million dollars of short positions were liquidated.

 Supply Distribution

Total Supply: It reached 19,873,605 units, up about 0.0328% from last week.

New Supply: The amount of BTC produced this week was 6,525.

Velocity: Velocity, which was 12.99 last week, was 12.96 as of June 2.

Looking at the wallet breakdown of the current supply, the <1 BTC category saw a limited increase of 0.054%,
Slight decreases of 0.57% and 0.27% are noteworthy in the 1-10 BTC and 10-100 BTC ranges, respectively.
While the 100-1K BTC segment stood out with an increase of 0.33%, the 0.22% increase in 1K-10K BTC wallets was another noteworthy development. On the other hand, the 0.09% decline in the 10K+ BTC category stood out as the most significant decline among all segments.

Fees and Revenues

When the Bitcoin Fees per Transaction (Mean) data between May 28 and June 3 is analyzed, it is seen that this value was 0.00001486 BTC on May 28, the first day of the week.

On May 29, the data recorded a decline, while on May 30, due to the volatility in the Bitcoin price, the average transaction fees increased again and reached the highest level of the week with 0.00001495 BTC.

After this level, Bitcoin Fees per Transaction (Mean) entered a downward trend again; on the last day of the week, June 3, it fell to 0.00001343 BTC, closing the weekly period at its lowest value.

Bitcoin: Fees (Total)

Similarly, when the Bitcoin Fees (Total) data between May 28 and June 3 is analyzed, it is seen that on May 28, the first day of the week, the data in question was 8.03702577 BTC. This level was also the highest value recorded during the weekly period.

On May 29, total transaction fees decreased, while on May 30, due to the volatility in the Bitcoin price, the data increased again and reached 5,26371443 BTC.

After this rise, Bitcoin Fees (Total) entered a downward trend again; On the last day of the week, June 3, the data closed at 4.80950729 BTC and completed the week.

Miner Flows

According to data from the Miner Reserve table, this week saw an increase in Bitcoin reserves held in miners’ wallets. While there was a negative correlation between Miner Reserve and Bitcoin price at the beginning of the week, this relationship changed positively towards the middle of the week; by the end of the week, the correlation turned negative again.

Miner Inflow, Outflow and Netflow

Between May 28 and June 3, 35,552 Bitcoins exited miners’ wallets and 36,878 Bitcoins entered miners’ wallets between the same dates. The Miner Netflow for this week was 1,326 Bitcoin. Meanwhile, the Bitcoin price was $107,800 on May 28 and $105,391 on June 3.

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 2,866,633 transactions on the Bitcoin network, while this week it was 2,578,656, a decrease of about 10.04%. The 255,939 transactions recorded on June 1 was the lowest transaction volume of the week, while the highest number of transactions was 540,989 on May 28.

Looking at the correlations between price and the number of trades, we see that the correlations were negatively aligned throughout the week. Network activity and the relationship between price and network activity weakened compared to last week, which could be a sign of negative price action.

Tokens Transferred

While 4,864,952 BTC was transferred last week, it decreased by 8.76% to 4,438,695 BTC this week. On June 3, the highest token transfer volume of the week was 779,701 BTC, while the lowest token transfer volume was recorded on May 31 with 416,757 BTC. Negative correlations were observed in the “Transferred BTC amount – Price” relationship between the BTC amounts transferred on the network throughout this week.

Whale Activities

Whales Data:

Over the last 7 days, data from the cryptocurrency market showed that whale activity on centralized exchanges made heavy use of centralized exchanges at the beginning of the process. Towards the middle of the process, these activities increased more. When we look at the Exchange Whale Ratio metric, the rate of whales using central exchanges at the beginning of the 7-day period was measured as 0.526. When this ratio is above 0.35, it usually means that whales use centralized exchanges frequently. This measurement decreased towards the middle of the period, falling to 0.476 on May 30, the lowest point of the period. The peak was 0.741 on June 1. Currently, it has a value of 0.599 and centralized exchanges continue to be used frequently. BTC moved between the $110,000 level and the $104,000 level during this period. This indicates that whales are using centralized exchanges to sell. At the same time, total BTC transfers saw 4,438,695 BTC move, down nearly 7% from last week. The number of wallets holding over 1,000 Bitcoins as of May 2025 increased to 1,455, signaling a new wave of accumulation. The amount of supply held by these large wallet addresses increased from 3.3 million BTC to a total of 3.5 million BTC, representing an increase of more than 5%. However, it has long shown that whale addresses have only made a profit of $679 million since April. As a result, such a notable increase in Accumulation could add an extra layer to Bitcoin’s uptrend and possibly set the stage for a new bullish move that could push prices to new highs. However, a rise in whale activity across the board in our on-chain metric could trigger profit realizations.

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 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 bullish, bearish or neutral result at the same time, the expected results may not be seen depending on market conditions. Investors who review the report should take these warnings into account.

 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.