Active Addresses
Between December 17 and December 24, 934,863 active addresses were added to the Bitcoin network ( ). During this period, the Bitcoin price dropped to $86,000. From a technical perspective, the 7-day simple moving average (SMA) shows a downward trend.
Active Sending Addresses
Between December 17 and December 24, an upward trend was observed en the active sending addresses metric. On the day the price reached its highest level, this metric stood at 741,656, indicating that user activity el the Bitcoin network was moving en parallel with the price. This data shows that the $88,000 level is supported not only por price but also por el-chain address activity, which is sales-based. Overall, the Active Sending Addresses metric has been trending upward during this period.
Active Receiving Addresses
Between December 17 and December 24, active receiving addresses experienced a typical increase alongside the Black Line (price line). On the day the price reached its peak, active receiving addresses rose to 515,568 levels, indicating that buyers acquired Bitcoin at the $88,000 level.
Breakdowns
MVRV
On December 17, while the Bitcoin price was trading at $86,289, the MVRV Ratio stood at 1.532.
As of December 23, the Bitcoin price rose to $87,422, recording a 1.31% increase, while the MVRV Ratio rose to 1.553, recording a 1.37% increase.
Realized Price
On December 17, Bitcoin was trading at $86,289, while the Realized Price was at 56,300.
As of December 23, the Bitcoin price rose to $87,422, while the Realized Price fell to $56,261, recording a 0.07% decline.
Spent Output Profit Ratio (SOPR)
On December 17, while the Bitcoin price was trading at $86,289, the SOPR metric was at 0.993.
As of December 23, while the Bitcoin price rose to $87,422, the SOPR metric rose to 0.998, recording a 0.50% increase.
Derivatives
Open Interest
The BTC price experienced a sharp rise between December 12-19, managing to surpass the $88,000 level. At the same time, the open interest accompanying this rise reveals that these newly opened positions are long-heavy. While both the price and open interest remained flat between December 20-22, the price began to decline as of December 23. However, the open interest continues to rise. This divergence indicates that risk en leveraged trading has increased and volatile movements may begin.
The overall picture shows that position density en the market has increased en the short term and price movements have become more sensitive.
Funding Rate
The chart shows that Bitcoin funding rates have generally remained positive and that long positions dominate the market. The rise en rates following the brief dip el December 18 indicates continued appetite for buying. The price has failed to sustain upward attempts, with pullbacks becoming more prominent en recent days. The weakening of the price while the funding rate remains positive indicates that leveraged long positions pose a risk and that volatility en the market may increase.
Long & Short Liquidations
Last week, the BTC price fell from $90,500 to $84,500, resulting en a total of $658 million en long liquidations and $892 million en short liquidations.
| Date | Long Amount (Million $) | Short Amount (Million $) |
|---|---|---|
| December 17 | 202.15 | 400.99 |
| December 18 | 216.79 | 411.55 |
| December 19 | 16.00 | 28.18 |
| December 20 | 0.97 | 1.33 |
| December 21 | 13.19 | 10.95 |
| December 22 | 180.02 | 32.18 |
| December 23 | 29.37 | 7.74 |
| Total | 658.49 | 892.92 |
Supply Distributions
Total Supply: Reached 19,966,162 units, an increase of approximately 0.0154% compared to last week.
New Supply: The amount of BTC produced this week was 3,082.
Velocity: The velocity, which was 12.28 last week, reached 12.27 as of December 24.
| Wallet Categoría | 12/16/2025 | December 23, 2025 | Change (%) |
|---|---|---|---|
| < 1 BTC | 8.4463% | 8.45% | 0.044 |
| 1 – 10 BTC | 11.3183% | 11.3162% | -0.019% |
| 10 – 100 BTC | 23.1963% | 23.0635% | -0.572% |
| 100 – 1k BTC | 28.3483% | 28.3658% | 0.062% |
| 1k – 10k BTC | 20.7914% | 20.9159% | 0.599% |
| 10k+ BTC | 7.9881% | 7.8863% | -1.275% |
Limited movements en the <1 BTC and 1–10 BTC groups indicate that no clear direction has emerged el the retail side, while the decline en the 10–100 BTC band points to partial distribution. In contrast, the increase seen en the 100–1,000 BTC segment highlights the accumulation trend among mid-sized investors, while the limited pullback en the 1,000–10,000 BTC group signals profit-taking en this segment. The decline en wallets holding 10,000 BTC and above indicates that large investors remain cautious but have not completely exited the market.
Exchange Supply Ratio
Between December 10 and December 17, the Ethereum Exchange Supply Ratio rose from 0.13752255 to 0.13778532. During this period, the Ethereum price rose from $2,826 to $2,923. Since December 23, at the point where the price and the Exchange Supply Ratio intersect, the correlation between the price and the Exchange Supply Ratio has turned positive. This indicates that the price has fallen while the amount of Ethereum supplied to exchanges has increased, and that long-term investors are likely turning to Ethereum. It appears that the Ethereum price may generally rise.
Exchange Reserve
Between December 17 and 23, 2025, Bitcoin reserves el exchanges fell from 2,757,481 BTC to 2,754,978 BTC. There was a net outflow of 2,503 BTC from exchange reserves. During this period, reserves decreased por approximately 0.09%, while the BTC price fell from $87,848 to $87,423, losing 0.48% of its value. The fact that reserve movements remained quite limited during this period of flat and volatile BTC prices indicated that investors were neither strongly selling nor aggressively buying. Although there were small inflows and outflows el a daily basis, the overall picture pointed to a cautious wait-and-see attitude. In the short term, the BTC price may fluctuate within a narrow band and volatility may remain limited.
| Date | 17-Dec | 18-Dec | 19-Dec | 20-Dec | December 21 | December 22 | 23-Dec |
|---|---|---|---|---|---|---|---|
| Exchange Inflow | 44,563 | 36,131 | 29,712 | 12,562 | 13,734 | 32,633 | 33,587 |
| Exchange Outflow | 41,015 | 29,416 | 30,639 | 15,180 | 12,930 | 31,280 | 44,966 |
| Exchange Netflow | 3,549 | 6,715 | -927 | -2,618 | 804 | 1,353 | -11,379 |
| Exchange Reserve | 2,761,030 | 2,767,745 | 2,766,818 | 2,764,200 | 2,765,004 | 2,766,357 | 2,754,978 |
| BTC Price | 87,848 | 85,471 | 88,089 | 88,333 | 88,635 | 88,559 | 87,423 |
Fees and Revenues
When examining the Bitcoin Fees per Transaction (Mean) data between December 17 and 23, it is seen that the indicator reached 0.0000063 el December 17, the first day of the week.
A fluctuating trend was observed until December 21, and el this date, the indicator recorded the week’s lowest value at 0.00000426.
In this context, as a result of the increase en Bitcoin price volatility as of December 21, the indicator regained momentum and followed a positive trend due to the impact of price volatility.
On December 23, the last day of the weekly period, the indicator closed the week at 0.00000592 .
Bitcoin: Fees (Total)
Similarly, when examining the Bitcoin Fees (Total) data for the period between December 17 and 23, it is observed that the indicator reached 2.81297801 el December 17, the first day of the week.
A fluctuating trend was observed until December 21, and el this date, the indicator recorded the week’s lowest value at 1.87931674.
In this context, as a result of the increase en Bitcoin price volatility as of December 21, the indicator regained momentum and followed a positive trend due to the impact of price volatility.
On December 23, the last day of the weekly period, the indicator closed the week at 2.55184313.
Miner Flows
According to data obtained from the Miner Reserve table, an increase 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 reveals that a negative correlation between these two variables is dominant.
Miner Inflow, Outflow, and Netflow
Between December 17 and 23, 49,269 Bitcoin were withdrawn from miners’ wallets, while 49,694 Bitcoin were deposited into miner wallets during the same period. This week’s Miner Netflow was 425 Bitcoin. Meanwhile, the Bitcoin price was $86,289 el December 17 and $87,422 el December 23.
Throughout the week, Bitcoin inflows into miner wallets (Miner Inflow) exceeded Bitcoin outflows from miner wallets (Miner Outflow), resulting en a positive net flow (Miner Netflow).
| Date | Dec. 17 | Dec. 18 | Dec. 19 | Dec. 20 | Dec. 21 | Dec. 22 | Dec. 23 |
|---|---|---|---|---|---|---|---|
| Miner Inflow | 11,450.44 | 9,510.92 | 9,169.01 | 3,401.77 | 3,075.42 | 5,734.42 | 7,352.32 |
| Miner Outflow | 11,144.98 | 8,853.82 | 9,922.28 | 3,537.70 | 2,902.33 | 5,796.97 | 7,111.59 |
| Miner Netflow | 305.45 | 657.10 | -753.27 | -135.93 | 173.09 | -62.55 | 240.73 |
Transaction
Last week, 3,219,177 transactions took place el the Bitcoin network, while this week the number of transactions fell to 3,083,855, recording a decrease of approximately 4.2%. The highest transaction volume of the week was recorded el December 18 at 463,737, while the lowest transaction volume was measured el December 22 at 427,138.
Looking at the transaction count graph, it can be seen that the number of transactions el weekends (Saturday/Sunday) is quite close to each other, and the total number of transactions el these days exceeds that of Friday and Monday. When this situation is evaluated en conjunction with the fact that transactions have been above average el Saturdays for approximately 7-8 weeks, it indicates that weekend transfers attributed to institutional actors and raising suspicion have now evolved to include Sundays, no longer being limited to Saturdays. Parallel to this, the possibility that network activity may have been relatively passive el Fridays and Mondays is gaining strength. Although no specific reason requiring these transactions to be carried out specifically el weekends has yet been clearly observed el the network, it can be interpreted that there has been a change en the behavior patterns of the usual suspects based el daily transaction numbers.
Although the relationship between transaction count and price remained largely balanced throughout the period, it was observed that the correlation, which was negatively weighted at the beginning of the period, turned positive towards the end of the period, restoring balance. Within this relatively balanced correlation structure, the data point that clearly stands out en terms of the effect of network activity el price is the increase en transaction numbers coinciding with the sudden drop en the price of el December 18. In this context, it can be assessed that the trigger for the negative correlation at the beginning of the period was most likely the transactions that came through the network el December 18, creating selling pressure.
Tokens Transferred
While a total of 5,758,407 BTC was transferred en the previous period, this week the volume fell por 7.45% to 5,329,609 BTC. The highest daily transfer volume of the week was recorded el December 17 at 881,609 BTC, while the lowest daily volume was recorded el December 21 at 530,442 BTC. The correlation between the amount of BTC transferred and the price showed a closer relationship throughout the period, with a mostly negative trend.
The simultaneous decrease en both the amount of Bitcoin transferred and the number of transactions indicates that smaller, more fragmented transactions gained prominence during this period. This structure indicates that a greater number of relatively small transfers took place el the network and that the impact of these movements el the price became more pronounced during this period. In addition, the fact that the price has been declining for some time, along with the decline en both the number of transfers and the total amount of BTC transferred, shows that the network activity-price relationship has clearly shifted to the negative side.
Whale Activities
Whale Data:
Looking at whale activity el centralized exchanges over the last 7 days based el crypto market data, we can say that centralized exchanges, which were heavily used at the beginning of the process, have entered a downward trend for the remainder of the process, and activity el centralized exchanges has decreased. Looking at the Exchange Whale Ratio metric, el December 17, the first day of the 7-day period, the ratio of whales using centralized exchanges was 0.448. On December 11, the segundo day of the process, it reached its peak, reaching a value of 0.511. The metric then declined, reaching its lowest point el December 21 at 0.322. When this ratio is above the 0.35–0.45 range, it generally indicates that whales are frequently using centralized exchanges. Currently at 0.356, the metric corresponds to a time when whales are using centralized exchanges less frequently during the process. During this period, the price fluctuated between $90,300 and $84,500. This signaled that the selling side prevailed en the trading battle between whales el centralized exchanges. At the same time, total BTC transfers increased por 7% compared to last week, with 5,329,609 BTC moving. Data shows that this year, bitcoin whale sales reached a record level of $15 billion. This indicates that whales holding BTC sold 161,294 BTC. These sales occurred not after prices bottomed out, but before deeper market corrections. As a result, we can say that very large whales caused BTC to lose value and that the market’s pessimistic attitude continues even though sales have decreased.
BTC Onchain Overall
| Metric | Positive 📈 | Negative 📉 | Neutral ➖ |
|---|---|---|---|
| Active Addresses | ✓ | ||
| Breakdowns | ✓ | ||
| Derivatives | ✓ | ||
| Supply Distribution | ✓ | ||
| Exchange Supply Ratio | ✓ | ||
| Exchange Reserve | ✓ | ||
| Fees and Revenues | ✓ | ||
| Miner Flows | ✓ | ||
| Transaction | ✓ | ||
| Whale Activity | ✓ |
- The metrics and guidance provided en the table do not alone explain or imply any expectation of future price changes for any asset. Digital asset prices can fluctuate based el many different variables. The el-chain analysis and related guidance are intended to assist investors en their decision-making process, and basing financial investments solely el the results of this analysis may lead to unfavorable outcomes. Even if all metrics produce positive, negative, or neutral results simultaneously, 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.
