Active Addresses
In terms of active addresses, there were 1,033.95 active entries el the BTC network between May 14 and May 21, 2025, this week. During this period, Bitcoin moved towards the $107,000 level. On the chart, we observe that the price and the number of active addresses were correlated positively el May 16 and 17. When we follow the 7-day simple moving average, we observe that the price made an upward peak. This position indicates that the Bitcoin price is experiencing inflows from the $103,000 level.
Active Sending Addresses
With the Black Line (price line) en active shipping addresses, there has been a significant rise en active shipping addresses after May 7. On the day when the price hit its lowest point, active shipping addresses rose to 653,708, indicating that Bitcoin sold off after staying at the $105,000 level for a while. On May 20 – 21, the price came to 106,000 – 107,000 dollars, causing an increase en active addresses and price.
Active Receiving Addresses
With the Black Line (price line) en active shipping addresses, there was a gradual rise en active shipping addresses after May 14 – 16. On May 17 – 18, active shipping addresses fell, but el May 19 – 20, they recovered and reached a high point, and active shipping addresses reached 495,408 levels, showing the positions held por buyers at Bitcoin’s $107,000 levels.
Breakdowns
MRVR
On May 14, Bitcoin price was 103,531 while MVRV Ratio was 2.28. As of May 20, the Bitcoin price was at 106,843 and the MVRV Ratio was 2.33. Compared to last week, there has been a 3.20% increase en the Bitcoin price and a 2.19% increase en the MVRV Ratio.
Realized Price
On May 14, Bitcoin price was 103,531 while Realized Price was 45,400. As of May 20, Bitcoin price was at 106,843 while Realized Price was at 45,812. Compared to last week, Bitcoin price increased por 3.20% and Realized Price increased por 0.91%.
Spent Output Profit Ratio (SOPR)
On May 14, the Bitcoin price was 103,531 while the SOPR metric was 1,015. As of May 20, the Bitcoin price was at 106,843 while the SOPR metric was at 1,026. Compared to last week, the Bitcoin price has risen por 3.20% while the SOPR metric has risen por 1.08%.
Derivatives
Open Interest
The chart shows that both price and open interest bottomed out el May 17. Since then, the price has risen rapidly while open interest has risen sharply en parallel, reaching a weekly peak of $35.6 billion as of May 21. On the same date, the BTC price was hovering around $106,200.
Especially the post-May 17th surge indicates that highly leveraged positions have re-entered the market. The rise en open interest along with the price increase indicates that this rally is supported por leveraged positions . This may support the rally en the short term, but it also increases the risk of sudden liquidation during a price correction. In other words, it becomes critical for the sustainability of the rally whether the price increase is supported por spot demand. The overall picture shows that traders have started to take risks again and short-term speculative activity has increased en the market.
Funding Rate
Funding ratios, which were generally positive last week, revealed that long positions were predominant and investors were expecting a rise. Especially el May 18 and May 21, the funding rate rose as high as 0.009%, indicating that leveraged long positions were concentrated. BTC price also gained upward momentum el these dates.
On May 17, both the price and the funding rate hit lows, and the subsequent rally suggests that the price was supported por leveraged trades as funding rates increased. However, this positive funding structure also draws attention to excessive long accumulation en the market. This could trigger liquidations en a possible pullback. In other words, such rapid increases en funding rates, although supporting the upward momentum en the short term, may be a warning signal that increases the risk of volatility en the medium term. In general, the market is optimistic for now, but there is a structure that needs to be careful.
“BTC Funding Rate Image to be Added”
Long & Short Liquidations
Bitcoin rose from the $103,000 region to $107,000 last week. However, 222 million dollars of long and 338 million dollars of short transactions were liquidated.
| Date | Long Amount (Million $) | Short Amount (Million $) |
|---|---|---|
| May 14 | 27.01 | 22.34 |
| May 15 | 55.48 | 53.63 |
| May 16 | 11.95 | 12.11 |
| May 17 | 20.78 | 5.85 |
| May 18 | 33.97 | 99.56 |
| May 19 | 44.78 | 39.05 |
| May 20 | 28.70 | 105.89 |
| Total | 222.67 | 338.43 |
Supply Distribution
Total Supply: It reached 19,867,080 units, up about 0.032% from last week.
New Supply: The amount of BTC produced this week was 6,356.
Velocity: Velocity, which was 13.03 last week, was 12.98 as of May 19.
| Wallet Categoría | 12.05.2025 | 19.05.2025 | Change (%) |
|---|---|---|---|
| < 1 BTC | 8.5116% | 8.5085% | -0.036% |
| 1 – 10 BTC | 11.6042% | 11.6011% | -0.027% |
| 10 – 100 BTC | 24.6938% | 24.6479% | -0.186% |
| 100 – 1k BTC | 28.5659% | 28.6192% | 0.187% |
| 1k – 10k BTC | 18.2044% | 18.2825% | 0.429% |
| 10k+ BTC | 8.4198% | 8.3409% | -0.937% |
Looking at the wallet breakdown of the current supply, the <1 BTC and 1-10 BTC categories saw limited decreases of 0.04% and 0.03% respectively, while the 10-100 BTC range saw a slight decline with a 0.19% decrease. 100-1K BTC wallets stood out with an increase of 0.19%, while the 1K-10K BTC segment stood out with an increase of 0.43%. On the other hand, the 10K+ BTC category experienced the most significant decline with a 0.94% decrease.
Exchange Reserve
Between May 14-20, 2025, Bitcoin reserves el exchanges decreased from 2,446,355 BTC to 2,423,242 BTC. During this period, there was a total net outflow of 23,113 BTC and the Bitcoin reserves of exchanges decreased por 0.94%. The Bitcoin price rose por approximately 3.2% over the same period. Bitcoin, which closed at $103,532 el May 14, 2025, closed at $106,843 el May 20, 2025. The decline en reserves el exchanges shows that investors are moving away from selling pressure and maintaining their long-term stance por moving their assets off-exchanges. While this trend creates a contraction el the supply side, it indicates that the upward momentum may continue with the price increase.
| Date | 14-May | 15-May | 16-May | 17-May | 18-May | 19-May | 20-May |
|---|---|---|---|---|---|---|---|
| Exchange Inflow | 26,867 | 42,127 | 32,790 | 11,814 | 14,111 | 30,025 | 27,755 |
| Exchange Outflow | 27,202 | 50,801 | 34,685 | 12,240 | 12,539 | 39,157 | 32,313 |
| Exchange Netflow | -335 | -8,674 | -1,895 | -425 | 1,572 | -9,132 | -4,558 |
| Exchange Reserve | 2,446,355 | 2,437,680 | 2,435,785 | 2,435,360 | 2,436,932 | 2,427,800 | 2,423,242 |
| BTC Price | 103,532 | 103,780 | 103,487 | 103,149 | 106,487 | 105,603 | 106,843 |
Fees and Revenues
Analyzing the Bitcoin Fees per Transaction (Mean) data between May 14 and 20, it was observed that this value was realized at 0.00002207 el May 14, the first day of the week. As of May 15, the value decreased, but el May 16, it started to rise again, reaching 0.00003362 and recording its highest level en the weekly period.
After this peak, Bitcoin Fees per Transaction (Mean) started to decline again, hitting a weekly low of 0.00000942 el May 18. On May 20, the last day of the week, the data recovered slightly and closed at 0.00001303.
Bitcoin: Fees (Total)
Similarly, an analysis of Bitcoin Fees (Total) data for the period between May 14 and May 20 shows that this value was 7.20969077 el May 14, the first day of the week. As of May 15, the value decreased, hitting a weekly low of 5.42989389 el this date. On May 16, it started to rise again, reaching 12.22527292 and recording its highest level en the weekly period.
After this peak, Bitcoin Fees (Total) started a downward trend again, closing at 5.92363402 el May 18. On May 20, the last day of the week, the data recovered slightly and closed at 7.42181356.
Miner Flows
As seen en the Miner Reserve table, the number of Bitcoins en miners’ wallets increased this week. There was a positive correlation between Miner Reserve and Bitcoin price throughout the week.
Miner Inflow, Outflow and Netflow
Between May 14 and May 20, 45,131 Bitcoins exited miners’ wallets and 45,316 Bitcoins entered miners’ wallets between the same dates. The Miner Netflow for this week was 185 Bitcoin. Meanwhile, the Bitcoin price was $106,843 el May 14 and $104,137 el May 20.
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).
| Date | May 14 | May 15 | May 16 | May 17 | May 18 | May 19 | May 20 |
|---|---|---|---|---|---|---|---|
| Miner Inflow | 6,136.85 | 10,814.60 | 5,356.61 | 2,468.35 | 7,253.58 | 5,818.59 | 7,468.34 |
| Miner Outflow | 6,166.64 | 10,281.21 | 6,152.70 | 2,652.63 | 4,990.34 | 7,717.48 | 7,170.39 |
| Miner Netflow | -29.79 | 533.39 | -796.10 | -184.28 | 2,263.24 | -1,898.89 | 297.95 |
Transaction
Last week, there were 2,337,243 transactions el the Bitcoin network, compared to 3,140,500 this week, an increase of approximately 34.36%. The 629,152 transactions recorded el May 18 was the highest transaction volume of the week, while the lowest number of transactions was 291,654 el May 17.
When we look at the correlations between price and number of transactions, we see that positive correlations are quite dominant throughout the week. This shows that both the increase en transactions and the positive correlation throughout the week indicate that the network is running quite healthy.
Tokens Transferred
While 4,735,239 BTC was transferred last week, it decreased por 10.53% to 4,236,490 BTC this week. On May 15, 757,513 BTC was transferred, the highest token transfer volume of the week, while the lowest token transfer volume was recorded el May 17 with 375,969 BTC. Positive correlations were observed between the BTC amounts transferred el the network en 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 el centralized exchanges was 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 0.510. When this ratio is above 0.35, it usually means that whales use central exchanges frequently. This measurement decreased en the middle of the process and fell to 0.377 el May 18, the lowest point of the process. It currently stands at 0.517 and centralized exchanges continue to be used frequently. BTC has moved between $101,000 and $107,000 during this period. This indicates that whales are using centralized exchanges to buy. At the same time, total BTC transfers increased por about 10% compared to last week, with 5,205,052 BTC moving. The data shows that Bitcoin whales transferred around 17,000 BTC from centralized exchanges to other custodians. As is widely noted, this signals an increase en bullish sentiment, which points to longer-term assets. The large asset movement was also followed por a series of large institutional purchases that reshaped the broader market. As a result, when large investors scoop up BTC, it’s usually a bullish sign. Our el-chain metric suggests bullish expectations for whale activity throughout the process.
BTC Onchain Overall
| Metric | Rise 📈 | Decline 📉 | Neutral ➖ |
|---|---|---|---|
| Active Addresses | ✓ | ||
| Breakdowns | ✓ | ||
| Derivatives | ✓ | ||
| Supply Distribution | ✓ | ||
| Exchange Reserve | ✓ | ||
| Fees and Revenues | ✓ | ||
| Miner Flows | ✓ | ||
| Transaction | ✓ | ||
| Whale Activities | ✓ |
*The metrics and guidance en the table do not, por themselves, describe or imply an expectation of future price changes for any asset. The prices of digital assets may vary depending el many different variables. The onchain analysis and related guidance is intended to assist investors en their decision-making process, and making financial investments based solely el the results of this analysis may result en 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 el market conditions. Investors who review the report should take these warnings into account.
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 type. 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 results that are en line with your expectations.
NOTE: All data used en Bitcoin onchain analysis is based el Cryptoqaunt.
