Active Addresses
In terms of active addresses, there were 975,749 active entries to the BTC network between Maio 7 and Maio 14, 2025 this week. During this period, Bitcoin rose to the $104,000 level. On the chart, we see that on Maio 9, Bitcoin purchases changed direction at the intersection of price and the number of active addresses. 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 the level of 102,000 dollars.
Active Sending Addresses
With the Black Line (price line) in active shipping addresses, there has been a significant drop in active shipping addresses after Maio 7. On the day when the price hit its lowest point, active sending addresses rose to 731,910, indicating that buyers sold their positions as Bitcoin stayed around the $93,000 level for a while. As a result, it is seen that price drops 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 Maio 12. On the day of the price high point, active shipping addresses dropped to 488,160, indicating that buyers took their positions at Bitcoin’s $102,000 level.
Breakdowns
MRVR
On Maio 7, Bitcoin price was 97,055 while MVRV Ratio was 2.16. As of Maio 13, the Bitcoin price was at 104,137, while the MVRV Ratio was 2.29. Compared to last week, the Bitcoin price has increased by 7.30% and the MVRV Ratio has increased by 6.02%.
Realized Price
On Maio 7, Bitcoin price was 97,055 while Realized Price was 44,891. As of Maio 13th, the Bitcoin price was 104,137 while the Realized Price was 45,343. Compared to last week, Bitcoin price has increased by 7.30% and Realized Price has increased by 1.01%.
Spent Output Profit Ratio (SOPR)
On Maio 7, the Bitcoin price was 97,055 while the SOPR metric was 1,017. As of Maio 13, the Bitcoin price was at 104,137 while the SOPR metric was at 1,032. Compared to last week, the Bitcoin price has risen by 7.30% while the SOPR metric has risen by 1.47%.
Derivatives
Open Interest
The first thing that stands out in the chart is the short-term fluctuations between Maio 7 and Maio 14. While Open Interest was around $31.9 billion on Maio 7, it rose sharply to $32.6 billion on Maio 8. This rise is in line with the price and marks a period of new position entry into the market. This may indicate that investors opened positions in anticipation of a rise. However, on Maio 9th, while the price remained stable, open interest fell sharply. While Open Interest fell as low as $31.5 billion, this reflects a period of profit realization and position closures. Between Maio 10-11, both metrics show a recovery trend. As of Maio 11, Open Interest reached 32.4 billion USD again and the price also moved upwards. At this point, there seems to be a new wave of optimism in the market. However, this recovery was not long-lasting; on Maio 12, both metrics declined again. Then, on Maio 13, Open Interest peaked at 32.7 billion USD and the price followed suit, approaching 104,000 levels. This suggests that the market has regained a strong momentum, but as of Maio 14, both metrics are experiencing a small pullback. Open Interest dropped to 32.5 billion USD while the price fell to 103,500 USD. Looking at the overall picture, there is a strong correlation between Open Interest and price data except for Maio 08 -09.
Funding Rate
As of Maio 7, the funding rate started quite low at 0.001, indicating that the market was proceeding cautiously. However, as the price started to rise rapidly from then on, the funding rate increased steadily. As of Maio 9, the ratio was as high as 0.009, indicating that the market was predominantly filled with long positions. This implies that investors were bullish and the cost of long positions increased. On Maio 11, the funding rate peaked above 0.01, but at this point the price started a slight pullback. This outlook indicates that the market was inflated with excessive long positions and the risk of a correction increased. Although the funding rate remained at high levels in the following days, it is observed that the price moved in parallel with this course with small fluctuations. In general, the positive and increasing trend of funding ratios indicates that the market is mostly positioned long and investor sentiment is optimistic. However, such high ratios may also be a harbinger of a potential correction risk. The fact that funding rates are so positive suggests that the market may be overheated and a short-term balancing act is possible.
Long & Short Liquidations
With BTC surpassing the $100,000 level and rising to $105,800, there was a high amount of liquidation in short positions last week. While 335 million dollars of long transactions were liquidated, 1 billion 243 million dollars of short transactions were liquidated.
| Date | Long Amount (Million $) | Short Amount (Million $) |
|---|---|---|
| Maio 07 | 25.62 | 43.56 |
| Maio 09 | 23.19 | 584.99 |
| Maio 09 | 27.92 | 90.96 |
| Maio 10 | 5.39 | 64.59 |
| Maio 11 | 23.31 | 15.76 |
| Maio 12 | 211.53 | 403.62 |
| Maio 13 | 18.36 | 40.18 |
| Total | 335.32 | 1243.66 |
Supply Distribution
Total Supply: It reached 19,860,724 units, up about 0.0162% from last week.
New Supply: The amount of BTC produced this week 3,225.
Velocity: Velocity, which was 13.01 last week, was 13.03 as of Maio 12.
Looking at the wallet distribution of the current supply, <1 BTC and 1-10 BTC categories saw limited decreases of 0.19% and 0.41%, respectively, while the 10-100 BTC range remained flat at 0.01%. 100-1K BTC wallets stood out with an increase of 0.26%, while the 1K-10K BTC segment showed a limited decline, falling by 0.43%. In the 10K+ BTC category, a remarkable increase was recorded with an increase of 0.82%.
| Wallet Category | 28.04.2025 | 12.05.2025 | Change (%) |
|---|---|---|---|
| < 1 BTC | 8.5278% | 8.5116% | -0.19% |
| 1 – 10 BTC | 11.6521% | 11.6042% | -0.41% |
| 10 – 100 BTC | 24.6924% | 24.6938% | 0.01% |
| 100 – 1k BTC | 28.4932% | 28.5659% | 0.26% |
| 1k – 10k BTC | 18.2828% | 18.2044% | -0.43% |
| 10k+ BTC | 8.3513% | 8.4198% | 0.82% |
Exchange Reserve
Between Maio 7-13, 2025, Bitcoin reserves on exchanges decreased from 2,464,035 BTC to 2,446,690 BTC. During this period, there was a total net outflow of 17,345 BTC and the Bitcoin reserves of exchanges decreased by 0.70%. The Bitcoin price increased by approximately 7.3% during the same period. Bitcoin, which closed at $97,056 on Maio 7, 2025, closed at $104,138 on Maio 13, 2025. This decline in reserves on exchanges shows that investors are moving away from the selling pressure and taking a long-term attitude by moving their assets off-exchange. Especially the steady increase in the price during the week supports this trend. This may put upward pressure on the price in terms of both supply-side contraction and positive demand-side expectations.
| Date | 7-Maio | 8-Maio | 9-Maio | 10-Maio | 11-Maio | 12-Maio | 13-Maio |
|---|---|---|---|---|---|---|---|
| Exchange Inflow | 37,189 | 41,561 | 40,349 | 16,745 | 15,485 | 39,395 | 28,350 |
| Exchange Outflow | 35,513 | 42,092 | 46,911 | 16,392 | 14,526 | 41,011 | 38,297 |
| Exchange Netflow | 1,676 | -531 | -6,563 | 353 | 959 | -1,616 | -9,947 |
| Exchange Reserve | 2,464,035 | 2,463,504 | 2,456,941 | 2,457,294 | 2,458,253 | 2,456,637 | 2,446,690 |
| BTC Price | 97,056 | 103,285 | 102,985 | 104,792 | 104,139 | 102,801 | 104,138 |
Fees and Revenues
When the Bitcoin Fees per Transaction (Mean) data between Maio 7- 13 is analyzed, it is seen that this value 0.00001939 on Maio 7, the first day of the weekly period. The value, which followed a decreasing trend in the following days until Maio 11, decreased to 0.00001218 on this date and recorded its lowest value on a weekly basis.
On Maio 12, Bitcoin Fees per Transaction (Mean) value, which entered an upward trend with the high volatility movements observed in Bitcoin price, recorded its highest value on a weekly basis at 0.00003424 on this date. On Maio 13, the last day of the weekly period, it declined slightly and closed at 0.00002121.
Similarly, an analysis of Bitcoin Fees (Total) data between Maio 7 and 13 reveals that this value 6.64872211 on Maio 7, the first day of the weekly period. The value, which followed a decreasing trend in the following days until Maio 11, decreased to 3.42888556 on this date and recorded its lowest value on a weekly basis.
On Maio 12, the Bitcoin Fees (Total) value, which entered an upward trend with the high volatility movements observed in Bitcoin price, recorded its highest value on a weekly basis at 12.94624506 on this date. On Maio 13, the last day of the weekly period, it declined slightly and closed at 6.27176477.
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 Maio 7 and Maio 13, 51,155 Bitcoins exited miners’ wallets and 50,739 Bitcoins entered miners’ wallets between the same dates. The Miner Netflow for this week was -416 Bitcoin. Meanwhile, the Bitcoin price was $97,055 on Maio 7 and $104,137 on Maio 13.
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).
| Maio 7 | Maio 8 | Maio 9 | Maio 10 | Maio 11 | Maio 12 | Maio 13 | |
|---|---|---|---|---|---|---|---|
| Miner Inflow | 6293.33 | 11356.76 | 9771.13 | 4485.85 | 5474.97 | 8000.34 | 5357.53 |
| Miner Outflow | 6544.67 | 11169.28 | 10189.46 | 4142.64 | 5797.65 | 7802.05 | 5509.99 |
| Miner Netflow | -251.34 | 187.48 | -418.33 | 343.21 | -322.68 | 198.29 | -152.46 |
Transaction
Last week, there were 2,534,328 transactions on the Bitcoin network, compared to 2,337,243 this week, a decrease of about 7.78%. The 378,140 transactions recorded on Maio 12 constituted the highest transaction volume of the week, while the lowest number of transactions was 281,607 on Maio 11.
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 4,747,382 BTC was transferred last week, it decreased by 0.25% to 4,735,239 BTC this week. On Maio 9, 840,644 BTC was transferred, the highest token transfer volume of the week, while the lowest token transfer volume was recorded on Maio 10 with 478,002 BTC. Negative 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 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 0.529. 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 0.383 on Maio 11, the lowest point of the process. It currently stands at 0.497 and centralized exchanges continue to be used frequently. BTC has moved between $96,000 and $103,000 during this period. This shows that whales are using centralized exchanges to buy trades. At the same time, total BTC transfers decreased by about 1% compared to last week, with 4,735,349 BTC moving. The data shows that Bitcoin accumulating more BTC from investors who are not selling their holdings, and the giant whales are still accumulating after the price surpassed $100,000. The 30-day rolling increase of 180,000 BTC is the biggest since Dezembro 2022. Bitcoin’s key giant whale level (holding 100,000-10,000 BTC) has accumulated a total of 83,105 BTC over the past 30 days. As a result, while large investors scooping up BTC is usually a bullish sign, long-term investors may not care much about the price. However, in our on-chain metric, we can say that the bulls have been winning the process in whale activity for most of the period, which is now being offset by the bears.
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 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.
AVISO LEGAL
As informações, comentários e recomendações sobre investimentos contidos neste documento não constituem serviços de consultoria de investimentos. Os serviços de consultoria de investimento são prestados por instituições autorizadas em caráter pessoal, levando em conta as preferências de risco e retorno dos indivíduos. Os comentários e recomendações contidos neste documento são de caráter geral. Essas recomendações podem não ser adequadas à sua situação financeira e às suas preferências de risco e retorno. Portanto, tomar uma decisão de investimento com base apenas nas informações contidas neste documento pode não resultar em resultados que estejam de acordo com suas expectativas.
NOTE: All data used in Bitcoin onchain analysis is based on Cryptoqaunt.
