Bitcoin On-Chain Metrics & Market Insights

Active Addresses

In terms of active addresses, there were 1,100,527 active entries on the BTC network this week between Mayo 21 and Mayo 28, 2025. During this period, Bitcoin rose to the $111,000 level. On Mayo 23 – 25, we see that Bitcoin purchases changed direction at the intersection of price and the number of active addresses on the chart. 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 the Bitcoin price is experiencing entries at the level of 107,000 dollars.

 Active Sending Addresses

With the Black Line (price line) in active shipping addresses, there was a significant drop in active shipping addresses on Mayo 25. On the day when the price hit its lowest point, active sending addresses rose to 814,199, indicating that the positions held by the buyers were in a position to see Bitcoin fall from the $107,000 level for a while longer. 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 drop in active shipping addresses after Mayo 22. On the day of the price high point, active shipping addresses rose as high as 557,924, indicating that buyers took their positions at Bitcoin’s $111,000 level.

Breakdowns

MRVR

On Mayo 21 Bitcoin price was at 109,675 while MVRV Ratio was 2.38. As of Mayo 27, the Bitcoin price was down to 108,918 and the MVRV Ratio was 2.34. Compared to last week, Bitcoin price decreased by 0.69% and MVRV Ratio decreased by 1.68%.

Realized Price

On Mayo 21 Bitcoin price was 109,675 while Realized Price was 45,933. As of Mayo 27, Bitcoin price was down to 108,918 while Realized Price was up to 46,465. Compared to last week, Bitcoin price decreased by 0.69% and Realized Price increased by 1.16%.

Spent Output Profit Ratio (SOPR)

On Mayo 21, the Bitcoin price was at 109,675 while the SOPR metric was 1,027. As of Mayo 27, the Bitcoin price decreased to 108,918 while the SOPR metric increased to 1,041. Compared to last week, the Bitcoin price decreased by 0.69% while the SOPR metric increased by 1.36%.

Derivatives

Open Interest

Since Mayo 21, there has been a general correlation between open interest and price. On Mayo 22, open interest peaked at $37.8 billion and the price rose simultaneously. However, on Mayo 23, there was a sharp drop in both metrics and open interest fell to around $35.2 billion. This could mean that long positions were liquidated or positions were closed. On Mayo 24 and 25, both metrics rebounded, especially open interest, which rose again, reaching a second high on Mayo 27. On the other hand, after Mayo 27, the price started to decline and open interest declined slightly but started to rise again on Mayo 28. The flat course of the last day’s price and the rise in open interest indicate that there are new position openings in the market, but the price has not yet reacted to it. This may indicate that volatility may increase in the short term.

Funding Rate

On Mayo 21, the funding rate starts positive and rises as high as 0.011% on Mayo 22, showing that long positions dominate. The price also peaks on the same day. However, on Mayo 23, the price falls sharply to $107,500, but the funding rate shows a slight decline. On Mayo 24 and 25, the price rebounds while the funding rate remains relatively lower, indicating that the market is cautious. On Mayo 26 and 27, the funding rate rises again, suggesting that the market is back on the long side. However, on Mayo 28, the ratio declines significantly. This decline suggests that the risk appetite in the market has diminished and participants have shifted to more neutral or cautious positions. It also indicates an increase in short positions. The fact that the price has remained flat in the last two days and the funding rate has remained low indicates that the market has become indecisive and tight.

 Long & Short Liquidations

Bitcoin retreated to the $106,611 region after making an ATH at $111,980 last week. This movement led to the liquidation of $ 479 million long and $ 407 million short transactions.

 Supply Distribution

Total Supply: It reached 19,867,080 units, up about 0.0164% from last week.

New Supply: The amount of BTC produced this week was 3,256.

Velocity: Velocity, which was 12.98 last week, was 12.99 as of Mayo 26.

Looking at the wallet breakdown of the current supply, the <1 BTC and 1-10 BTC categories saw limited decreases of 0.15% and 0.37% respectively, while the 10-100 BTC range showed a slight decline with a 0.33% decrease. 100-1K BTC wallets stood out with an increase of 0.38%, while the 1K-10K BTC segment stood out with an increase of 0.65%. On the other hand, the 1.08% decline in the 10K+ BTC category stood out as the most significant decline among all segments.

 Exchange Reserve

Between Mayo 21-27, 2025, Bitcoin reserves on exchanges decreased from 2,464,462 BTC to 2,450,028 BTC. During this period, there was a total net outflow of 14,434 BTC and the Bitcoin reserves of exchanges decreased by about 0.59%. During the same period, the Bitcoin price fell by around 0.69% from $109,675 to $108,919. The decline in exchange reserves indicates that selling pressure has subsided in the short term and investors continue to hold their assets for the long term. In general, this outlook holds bullish potential in the medium-long term, but the slight decline in Bitcoin signals that the market is unstable in the short term. Bitcoin can be expected to fluctuate in a horizontal band for the next week.

 Fees and Revenues

When Bitcoin Fees per Transaction (Mean) data between Mayo 21 and Mayo 27 are analyzed, it is seen that this value was realized at 0.00001872 on Mayo 21, the first day of the week. Declining until Mayo 25, the value recorded the lowest value of the week at 0.00001145 on this date. On Mayo 26, it started to rise again and reached 0.00001435.

After this level, Bitcoin Fees per Transaction (Mean) started to decline again, closing at 0.00001343 on Mayo 27, the last day of the week.

Bitcoin: Fees (Total)

Similarly, when Bitcoin Fees (Total) data between Mayo 21 and Mayo 27 are analyzed, it is seen that this value was realized at 7.89930777 on Mayo 21, the first day of the week. Declining until Mayo 25, the value recorded the lowest value of the week at 4.0790192 on this date. On Mayo 26, it started to rise again and reached 5.14057141.

After this level, Bitcoin Fees (Total) resumed its downward trend and closed at 5.67924813 on Mayo 27, the last day of the week.

Miner Flows

As can be seen in the Miner Reserve table, the number of Bitcoins in miners’ wallets decreased this week. Although there was a positive correlation between Miner Reserve and Bitcoin price until the middle of the week, the correlation turned negative afterwards.

Miner Inflow, Outflow and NetFlow

Between Mayo 21 and Mayo 27, 51,972 Bitcoins exited miners’ wallets, and 50,312 Bitcoins entered miners’ wallets between the same dates. This week’s Miner Netflow was -1,660 Bitcoin. Meanwhile, the Bitcoin price was $109,675 on Mayo 21 and $108,918 on Mayo 27.

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 3,140,500 transactions on the Bitcoin network, compared to 2,866,633 this week, a decrease of about 8.72%. The 467,653 transactions recorded on Mayo 22 constituted the highest transaction volume of the week, while the lowest number of transactions was 356,204 on Mayo 25.

Looking at the correlations between price and the number of trades, we see that the correlations have been balanced throughout the week. This could be a sign that the Bitcoin price is unstable on the network at these levels.

Tokens Transferred

While 4,236,490 BTC was transferred last week, it increased by 14.83% to 4,864,952 BTC this week. On Mayo 22, the highest token transfer volume of the week was 1,034,771 BTC, while the lowest token transfer volume was recorded on Mayo 25 with 430,108 BTC. Positive correlations were observed between the BTC amounts transferred on the network in the “BTC amount transferred – Price” relationship 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 0.487. When this ratio is above 0.35, it usually means that whales use centralized exchanges frequently. This measurement increased in the middle of the period, peaking at 0.648 on Mayo 24. It currently stands at 0.561 and centralized exchanges continue to be used frequently. BTC has moved between $105,000 and $110,000 during this period. This indicates that whales are using centralized exchanges to buy. At the same time, total BTC transfers decreased by about 8% compared to last week, with 4,771,479 BTC moving. The data shows that Bitcoin whales transferred around 17,000 BTC from centralized exchanges to other custodians. As widely reported, this indicates an increase in bullish sentiment, which points to longer-term assets. According to the data, the number of Bitcoin whales holding at least 1,000 BTC hit an all-time high, rising to 1,455. As a result, when large investors scoop up BTC, it’s usually a bullish sign. In our on-chain metric, we can say that there is a bullish expectation for whale activity throughout 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 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 who review the report should take these warnings into account.

Aviso legal

La información sobre inversiones, los comentarios y las recomendaciones que figuran en este documento no constituyen servicios de asesoramiento en materia de inversiones. Los servicios de asesoramiento en materia de inversión son prestados por instituciones autorizadas con carácter personal, teniendo en cuenta las preferencias de riesgo y rentabilidad de los particulares. Los comentarios y recomendaciones contenidos en este documento son de tipo general. Estas recomendaciones pueden no ser adecuadas para su situación financiera y sus preferencias de riesgo y rentabilidad. Por lo tanto, tomar una decisión de inversión basándose únicamente en la información contenida en este documento puede no dar lugar a resultados acordes con sus expectativas.

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