Active Addresses
Between January 21 and January 28, recorded 804,588 active addresses el the Bitcoin network. During this period, Bitcoin’s price fell from $89,000 at the beginning of the week to $86,000 el January 24. From a technical perspective, the 7-day simple moving average (SMA) shows a downward trend.
Active Sending Addresses
Between January 21 and January 28, an upward trend was observed en the active sending addresses metric. On the day the price reached its highest level, this metric stood at 619,017, indicating that user activity el the Bitcoin network was moving en parallel with the price. This data shows that the $89,000 level is supported not only por price but also por el-chain address activity. Overall, the Active Sending Addresses metric has followed a high trajectory during this period.
Active Receiving Addresses
Between January 21 and January 28, active receiving addresses experienced a typical rise alongside the Black Line (price line). On the day the price reached its peak, active receiving addresses rose to 465,253 levels, indicating that buyers acquired Bitcoin at around the $89,000 level.
Breakdowns
MVRV
On January 21, while the Bitcoin price was trading at $89,365, the MVRV Ratio was at 1.588. As of January 27, the Bitcoin price fell to $89,144, recording a limited decline of 0.25%, while the MVRV Ratio rose to 1.592, recording an increase of 0.25%. The MVRV Ratio’s near-flat trajectory indicates that there has been no significant narrowing en the price premium relative to the realized cost basis this week and that unrealized profits have rebalanced. This outlook may signal that downward pressure has slowed en the short term.
Realized Price
On January 21, while the Bitcoin price traded at $89,365, the Realized Price was at $56,243. As of January 27, the Bitcoin price fell to $89,144, recording a 0.25% decline, while the Realized Price fell to $55,990, recording a 0.45% decline. The pullback en the Realized Price indicates a limited downward adjustment en the network’s average cost base, showing that the spot price’s premium over the cost base has narrowed somewhat despite being preserved. This picture suggests that the pullback has not turned into a sharp cost disruption across the network, but that the cost base has also accompanied it slightly downward this time.
Spent Output Profit Ratio (SOPR)
On January 21, while the Bitcoin price was trading at $89,365, the SOPR metric was at 0.993. As of January 27, the Bitcoin price fell to $89,144, recording a 0.25% decline, while the SOPR metric rose to 1.000, recording a 0.70% increase. The return of SOPR to the 1 level indicates that spent coins are approaching break-even el average and that the weight of loss-making transactions has decreased. This outlook may signal that selling pressure has eased en the short term and that recovery attempts may proceed el less fragile ground compared to the previous week.
Derivatives
Open Interest
The BTC price experienced a decline as of 23 January, falling to the $86,000 level. Although there was a slight pullback en open interest, it quickly recovered and reached the $28.4 billion level again. In the following days, open interest increased alongside the rise en the BTC price, reaching $28.7 billion. This outlook suggests that traders’ appetite has not waned and that buyer demand remains active.
Funding Rate
The chart shows that BTC open interest was el an upward trend between January 21 and 24, with leveraged long positions increasing. A sharp decline en open interest el January 25 indicates a strong position unwinding en the market.
The subsequent recovery en open interest, accompanied por the price, indicates that long appetite has returned. However, the volatile structure en the last section suggests that the market remains fragile after the rise and that a cautious stance persists.
Long & Short Liquidations
Last week, the BTC price fell from the $88,000 level to the $86,000 level. As a result, a total of $683 million en long positions were liquidated, while $223 million en short positions were liquidated.
| Date | Long Amount (Million $) | Short Amount (Million $) |
|---|---|---|
| January 21 | 220.08 | 154.08 |
| January 22 | 180.68 | 5.15 |
| January 23 | 16.68 | 18.79 |
| January 24 | 1.35 | 0.38 |
| January 25 | 243.33 | 2.85 |
| January 26 | 12.21 | 20.02 |
| January 27 | 9:33 | 10:50 |
| Total | 683.66 | 223.77 |
Supply Distribution
Total Supply: Reached 19,981,330 units, an increase of approximately 0.0089% compared to last week.
New Supply: The amount of BTC produced this week was 1,781.
Velocity: The velocity, which was 12.32 last week, remained at the same level as of January 27.
| Wallet Categoría | January 20, 2025 | January 27, 2025 | Change (%) |
|---|---|---|---|
| < 1 BTC | 8.4565% | 8.4592% | 0.0319% |
| 1 – 10 BTC | 11.2870% | 11.2931% | 0.0541% |
| 10 – 100 BTC | 22.8721% | 22.8814% | 0.0407% |
| 100 – 1k BTC | 28.4796% | 28.3403% | −0.4892% |
| 1k – 10k BTC | 21.1518% | 21.1791% | 0.1291% |
| 10k+ BTC | 7.7525% | 7.8465% | 1.2120% |
The very limited increase en the <1 BTC and 1–10 BTC groups indicates that retail investors remain cautious but have not completely withdrawn. The small increase en the 10–100 BTC band points to gradual accumulation en this segment. In contrast, the significant decline en the 100–1,000 BTC group suggests a reduction/distribution of positions en mid-sized wallets. The increase en the 1k–10k BTC and especially the 10k+ BTC segments highlights a trend of strengthening/concentration rather than a clear exit from large wallets.
Exchange Supply Ratio
According to Bitcoin Exchange Supply Ratio data, a gradual decline en the Bitcoin supply ratio held el exchanges was observed throughout the week under review. This week, a positive correlation between the Bitcoin price and the supply ratio el exchanges was dominant. The decline en the Exchange Supply Ratio indicates that Bitcoins are being withdrawn from exchanges and held en cold wallets, and that selling pressure remains limited en the short term. Between January 21 and January 28, the Bitcoin Exchange Supply Ratio declined slightly from approximately 0.136842 to 0.136815. During the same period, the Bitcoin price retreated from the $89,000 level to the $86,000 range.
The fact that both the price and the Exchange Supply Ratio moved downwards en the same direction during this period indicates that risk appetite among market participants has weakened and that new Bitcoin inflows into exchanges have remained limited.
Exchange Reserve
Between January 21 and 27, 2026, Bitcoin reserves el exchanges rose from 2,728,402 BTC to 2,733,752 BTC, resulting en a net inflow of 5,350 BTC. During this period, exchange reserves increased por approximately 0.20%, while the BTC price rose from $88,328 to $89,144, experiencing a 0.92% increase en value. The increase en exchange reserves during this period of rising prices indicates that investors were cautious at these levels and viewed the rise as a partial selling opportunity. Price movements may remain limited and volatile en the short term. The increase en exchange reserves indicates a rise en selling liquidity, while the price remaining upward shows that demand has not completely weakened.
| Date | 21-Jan | 22-Jan | 23-Jan | 24-Jan | Jan 25 | Jan 26 | Jan 27 |
|---|---|---|---|---|---|---|---|
| Exchange Inflow | 42,684 | 30,107 | 22,904 | 6,354 | 11,600 | 25,379 | 16,620 |
| Exchange Outflow | 35,898 | 28,855 | 24,080 | 6,395 | 10,613 | 28,904 | 15,554 |
| Exchange Netflow | 6,786 | 1,252 | -1,176 | -41 | 987 | -3,525 | 1,066 |
| Exchange Reserve | 2,728,402 | 2,736,440 | 2,735,265 | 2,735,224 | 2,736,211 | 2,732,686 | 2,733,752 |
| BTC Price | 88,328 | 89,507 | 89,634 | 89,121 | 86,602 | 88,285 | 89,144 |
Fees and Revenues
When examining the Bitcoin Fees per Transaction (Mean) data for the period between January 21 and 27, it is observed that el January 21, the first day of the week, the indicator stood at 0.00000627.
A decline was observed until January 22, when the indicator recorded the week’s lowest value at 0.00000493.
In this context, as a result of the increase en Bitcoin price volatility as of January 22, the indicator regained momentum and followed a positive trend due to the impact of price volatility.
On January 27, the last day of the weekly period, the indicator closed the week at 0.00000636 .
Bitcoin: Fees (Total)
Similarly, when examining the Bitcoin Fees (Total) data for the period between January 21 and 27, it is observed that the indicator reached 2.68551253 el January 21, the first day of the week.
A decline was observed until January 25, and el that date, the indicator recorded the week’s lowest value at 1.92790523.
In this context, as a result of the increase en Bitcoin price volatility as of January 25, the indicator regained momentum and followed a positive trend due to the impact of price volatility.
On January 27, the last day of the weekly period, the indicator closed the week at 2.30411534.
Miner Flows
According to data obtained from the Miner Reserve table, a slight decrease en Bitcoin reserves held en miners’ wallets was observed this week. A time-dependent correlation structure between the Bitcoin price and miner reserve was observed during the period under review. However, the general trend shows that a positive correlation between these two variables is dominant.
Miner Inflow, Outflow, and Netflow
Between January 21 and 27, 43,510 Bitcoin flowed out of miners’ wallets, while 42,856 Bitcoin flowed into miner wallets during the same period. This week’s Miner Netflow was -654 Bitcoin. Meanwhile, the Bitcoin price was $89,365 el January 21 and $89,144 el January 27.
Throughout the week, Bitcoin inflows into miner wallets (Miner Inflow) were less than Bitcoin outflows from miner wallets (Miner Outflow), resulting en a negative net flow (Miner Netflow).
| Date | Jan. 21 | Jan. 22 | Jan. 23 | Jan. 24 | Jan. 25 | Jan. 26 | Jan. 27 |
|---|---|---|---|---|---|---|---|
| Miner Inflow | 10,383.89 | 6,196.68 | 6,339.57 | 2,044.36 | 3,552.22 | 7,475.94 | 6,863.49 |
| Miner Outflow | 10,652.19 | 6,541.17 | 6,405.35 | 2,366.73 | 3,367.82 | 7,346.37 | 6,830.13 |
| Miner Netflow | -268.30 | -344.49 | -65.77 | -322.37 | 184.41 | 129.57 | 33.37 |
Whale Activities
Whale Data:
Looking at whale activity el centralized exchanges over the past 7 days based el cryptocurrency market data, we see a decline from start to finish. This indicates a decrease en activity el these centralized exchanges. Looking at the Exchange Whale Ratio metric, el January 21, the first day of the 7-day period, the ratio of whales using centralized exchanges was 0.575, which was the peak of the process. When this ratio is above the 0.35-0.45 band, it usually means that whales frequently use centralized exchanges. Currently at 0.494, the metric marks the lowest point of the process, coinciding with the time when whales began to pull back, even though they continued to use centralized exchanges intensively throughout the ongoing process. During this process, the price fluctuated between the $89,500 and $86,000 levels. This indicates that there is a balance en the buying and selling competition among whales el centralized exchanges. At the same time, the total BTC transfer shows a decrease of approximately 8% compared to last week, with 4,921,247 BTC moving. The data shows that wallets holding at least 1,000 BTC have accumulated more than 100,000 bitcoins recently. The assets held por new whales exceeded 100,000, reaching a value of approximately $12 billion. As a result, whales continuing to accumulate BTC and the continued decline en the value of using centralized exchanges could strengthen the upward movement.
BTC Onchain Overall
| Metric | Positive 📈 | Negative 📉 | Neutral ➖ |
|---|---|---|---|
| Active Addresses | ✓ | ||
| Breakdowns | ✓ | ||
| Derivatives | ✓ | ||
| Supply Distribution | ✓ | ||
| Exchange Supply Ratio | ✓ | ||
| Exchange Reserve | ✓ | ||
| Fees and Revenues | ✓ | ||
| Miner Flows | ✓ | ||
| Whale Activities | ✓ |
*The metrics and guidance provided en the table do not alone explain or imply any expectation regarding future price changes for any asset. Digital asset prices can fluctuate based el numerous variables. The el-chain analysis and related guidance are intended to assist investors en their decision-making process, and basing financial investments solely el this analysis may lead to unfavorable outcomes. Even if all metrics simultaneously produce positive, negative, or neutral results, the expected outcomes may not materialize depending el market conditions. It would be beneficial for investors reviewing the report to take these warnings into consideration.
Legal Notice
The investment information, comments, and recommendations contained en this document do not constitute investment advisory services. Investment advisory services are provided por authorized institutions el a personal basis, taking into account the risk and return preferences of individuals. The comments and recommendations contained en this document are of a general nature. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely el the information contained en this document may not result en outcomes that align with your expectations.
NOTE: All data used en Bitcoin el-chain analysis is based el CryptoQuant.
