Weekly Bitcoin Onchain Report – May 07

Active Addresses

In terms of active addresses, there were 1,113,090 active entries on the BTC network this week between April 30 and May 7, 2025. During this period, Bitcoin rose to $96,011. On the chart, we see that Bitcoin purchases changed direction in the area where the price and the number of active addresses intersect on May 2. 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 at $96,000 levels.

Active Sending Addresses

With the Black Line (price line) in active shipping addresses, there has been a significant drop in active shipping addresses after May 4. On the day when the price hit its lowest point, active sending addresses rose as high as 607,907   , indicating that buyers sold their positions as Bitcoin stayed around the $94,000 level for a while. As a result, price drops seem to cause an acceleration in sending addresses.

Active Receiving Addresses

With the Black Line (price line) in active shipping addresses, there has been a significant rise in active shipping addresses after May 5. On the day of the price high point, active shipping addresses fell as low as 407,505   , indicating that buyers took their positions at Bitcoin’s $94,000 levels.

Breakdowns

MRVR

On April 30th, Bitcoin price was 94,180 and the MVRV Ratio was 2.11. As of May 6, the Bitcoin price rose to 96,825, while the MVRV Ratio increased to 2.15. Compared to last week, there was a 2.81% increase in the Bitcoin price and a 1.9% increase in the MVRV Ratio.

Realized Price

On April 30, the Bitcoin price was 94,180 while the Realized Price was 44,512. As of May 6, the Bitcoin price was 96,825 while the Realized Price was 44,829. Compared to last week, there was a 2.81% increase in Bitcoin price and a 0.71% increase in Realized Price.

Spent Output Profit Ratio (SOPR)

On April 30, the Bitcoin price was at 94,180 while the SOPR metric was at 1,012. As of May 6, the Bitcoin price rose to 96,825 while the SOPR metric rose to 1,019. Compared to last week, the Bitcoin price has risen by 2.81% while the SOPR metric has risen by 0.69%.

Derivatives

Open Interest

At the start of the period, as of April 30, BTC open interest stood at around $30.75 billion, while the price was relatively low. On May 1, both metrics see a noticeable jump: Open interest nears $33.75 billion, while the BTC price rises to $96,500. This parallel surge suggests that traders are aggressively entering the market with long positions. However, this momentum didn’t last long and both price and open interest started to decline on May 2. On May 4, lows were observed in both data. The BTC price falls to $94,250 and open interest drops to $31.5 billion. This marks a period of liquidation of long positions or exits from the market. After May 5, the price started to recover, reaching $96,870 by May 7. However, this rise was not accompanied by a similar rise in open interest. On May 6, there was a short-term increase in open interest, but as of May 7, there was a decline again. This divergence suggests that leveraged market participants were cautious despite the rising prices and that the increase was mostly driven by spot purchases. In particular, the fact that open interest fell or remained flat while prices rose suggests that the upward movement may be fragile.

Funding Rate

On April 30, the funding rate started positive, indicating that long positions were dominant. During the first few days, rates remained positive, but not very strong. On May 3 and 4, the funding rate turned negative, suggesting a shift to short positions as the price was falling and the expectation of a decline increased. May 4 seems to have been the low point because both the price and the funding rate recovered quickly afterwards. On May 6, the funding ratio reached a weekly high, suggesting that long positions were regaining strength. On May 7, the ratio remained positive but fell slightly, meaning that long interest remained but not excessive. In general, funding rate movements fluctuated synchronously with the price. The short pressure was short-lived, followed by a quick market rebound. This implies that investors saw the price decline as an opportunity and switched back to the long side.

Long & Short Liquidations

In the week when the upward movement continued and the Bitcoin price reached up to $ 97,800, it was seen that mainly short positions were liquidated. In this direction, 242 million dollars of long and 727 million dollars of short positions were liquidated.

 Supply Distribution

Total Supply: It reached 19,860,724 units, up about 0.0317% from last week.

New Supply: The amount of BTC produced this week was 6,291.

Velocity: Velocity, which was 13.02 last week, was 13.01 as of May 5.

Looking at the wallet breakdown of the current supply, the <1 BTC and 1-10 BTC categories saw limited decreases of 0.13% and 0.12%  respectively, while the 10-100 BTC range saw a slight decline of 0.22%. 100-1K BTC wallets stood out with an increase of 0.26%, while the 1K-10K BTC segment remained flat and recorded a limited increase of 0.04%. In the 10K+ BTC category, there was a very slight decrease of 0.02%

 Exchange Reserve

Between April 30 and May 6, 2025, Bitcoin reserves on exchanges decreased from 2,483,014 BTC to 2,462,359 BTC. During this period, there was a total net outflow of 20,655 BTC and the Bitcoin reserves of exchanges decreased by 0.83%. The Bitcoin price increased by approximately 2.8% during the same period. Bitcoin, which closed at $94,180 on April 30, 2025, closed at $96,825 on May 6, 2025. The net outflow of reserves on the exchanges shows that investors continue to hold for the long term and the selling pressure has weakened. The price increase accompanied by a decline in reserves reveals that the supply-demand balance is working in favor of the price. This trend, especially when supported by institutional investor interest, may ensure the continuation of positive pricing in the medium and long term.

 Fees and Revenues

When the Bitcoin Fees per Transaction (Mean) data between April 30 and May 6 is analyzed, it is seen that this value was 0.0000188 on April 30, the first day of the weekly period. The value, which followed a decreasing course until May 4 with the effect of the general horizontal course seen in the Bitcoin price, decreased to 0.00000978 on this date and recorded its lowest value on a weekly basis.

After May 4, Bitcoin Fees per Transaction (Mean) value, which entered an upward trend with the movements observed in Bitcoin price, rose on May 6, the last day of the weekly period, and closed at 0.00001575.

Similarly, when Bitcoin Fees (Total) data between April 30 and May 6 are analyzed, it is seen that this value was at 6.59233937 on April 30, the first day of the weekly period. The value, which followed a decreasing trend until May 4 with the effect of the horizontal course seen in the Bitcoin price, decreased to 3.40241752 on this date and recorded its lowest value on a weekly basis.

After May 4, Bitcoin Fees per Transaction (Mean) value, which entered an upward trend with the movements observed in Bitcoin price after May 4, rose on May 6, the last day of the weekly period, and closed at 5.2291597.

Miner Flows

As seen in the Miner Reserve table, the number of Bitcoins in miners’ wallets increased this week. There is a positive correlation between Miner Reserve and Bitcoin price throughout the week.

Miner Inflow, Outflow and Netflow

Between April 30 and May 6, 38,011 Bitcoins exited miners’ wallets, and 39,518 Bitcoins entered miners’ wallets between the same dates. The Miner Netflow for this week was 1,507 Bitcoin. Meanwhile, the Bitcoin price was $94,180 on April 30 and $96,825 on May 6.

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 3,036,125 transactions on the Bitcoin network, while this week it was 2,534,328, a decrease of about 16.53%. The 402,087 transactions recorded on May 5 constituted the highest transaction volume of the week, while the lowest number of transactions was 331,064 on May 1.

Looking at the correlations between price and the number of trades, the negative and positive correlations seem to be balanced, but we can say that the activity on the network has decreased with the decrease in the number of trades this week compared to the previous week.

Tokens Transferred

While 4,684,921 BTC was transferred last week, it increased by 1.33% to 4,747,382 BTC this week. On May 5, 814,509 BTC were transferred, the highest token volume of the week, while May 4 saw the lowest token transfer volume of 494,254 BTC. There is a gradual decrease in the amount of BTC transferred on the network between May 1-4. Between May 4-5, there is a steady increase in the amount of tokens transferred. Positive correlations were observed in the “amount of BTC transferred – Price” relationship throughout this week.

 Whale Activities

Whales Data

Data from the cryptocurrency market over the last 7 days showed that whale activity on centralized exchanges was very 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, the rate of whales using central exchanges at the beginning of the 7-day period was measured as 0.524. When this ratio is above 0.35, it usually means that whales use central exchanges frequently. This measurement decreased in the middle of the process, falling to 0.399 on May 4, the lowest point of the process. It currently stands at 0.548 and centralized exchanges continue to be used frequently. BTC moved between $93,000 and $98,000 during this period. This shows that the whales are engaged in a battle for dominance over centralized exchanges. At the same time, total BTC transfers increased by about 2% compared to last week, with 4,747,382 BTC moving. The data shows that wallets holding 10 to 10,000 BTC have accumulated a total of 81,338 BTC over the last six weeks of volatility. However, wallets holding less than 0.1 Bitcoin sold 290 BTC over the past six weeks, a decrease of 0.60%. As a result, small investors divesting BTC and large investors accumulating them is usually a bullish sign. However, in our on-chain metric, we can say that the bear and the bull are currently at war in whale activity across the process

 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.