Active Addresses
In terms of active addresses, there were 1,033.95 active entries on the BTC network between Maio 14 and Maio 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 on Maio 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) in active shipping addresses, there has been a significant rise in active shipping addresses after Maio 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 Maio 20 – 21, the price came to 106,000 – 107,000 dollars, causing an increase in active addresses and price.
Active Receiving Addresses
With the Black Line (price line) in active shipping addresses, there was a gradual rise in active shipping addresses after Maio 14 – 16. On Maio 17 – 18, active shipping addresses fell, but on Maio 19 – 20, they recovered and reached a high point, and active shipping addresses reached 495,408 levels, showing the positions held by buyers at Bitcoin’s $107,000 levels.
Breakdowns
MRVR
On Maio 14, Bitcoin price was 103,531 while MVRV Ratio was 2.28. As of Maio 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 in the Bitcoin price and a 2.19% increase in the MVRV Ratio.
Realized Price
On Maio 14, Bitcoin price was 103,531 while Realized Price was 45,400. As of Maio 20, Bitcoin price was at 106,843 while Realized Price was at 45,812. Compared to last week, Bitcoin price increased by 3.20% and Realized Price increased by 0.91%.
Spent Output Profit Ratio (SOPR)
On Maio 14, the Bitcoin price was 103,531 while the SOPR metric was 1,015. As of Maio 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 by 3.20% while the SOPR metric has risen by 1.08%.
Derivatives
Open Interest
The chart shows that both price and open interest bottomed out on Maio 17. Since then, the price has risen rapidly while open interest has risen sharply in parallel, reaching a weekly peak of $35.6 billion as of Maio 21. On the same date, the BTC price was hovering around $106,200.
Especially the post-Maio 17th surge indicates that highly leveraged positions have re-entered the market. The rise in open interest along with the price increase indicates that this rally is supported by leveraged positions . This may support the rally in 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 by spot demand. The overall picture shows that traders have started to take risks again and short-term speculative activity has increased in 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 on Maio 18 and Maio 21, the funding rate rose as high as 0.009%, indicating that leveraged long positions were concentrated. BTC price also gained upward momentum on these dates.
On Maio 17, both the price and the funding rate hit lows, and the subsequent rally suggests that the price was supported by leveraged trades as funding rates increased. However, this positive funding structure also draws attention to excessive long accumulation in the market. This could trigger liquidations in a possible pullback. In other words, such rapid increases in funding rates, although supporting the upward momentum in the short term, may be a warning signal that increases the risk of volatility in 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 $) |
|---|---|---|
| Maio 14 | 27.01 | 22.34 |
| Maio 15 | 55.48 | 53.63 |
| Maio 16 | 11.95 | 12.11 |
| Maio 17 | 20.78 | 5.85 |
| Maio 18 | 33.97 | 99.56 |
| Maio 19 | 44.78 | 39.05 |
| Maio 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 Maio 19.
| Wallet Category | 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 Maio 14-20, 2025, Bitcoin reserves on 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 by 0.94%. The Bitcoin price rose by approximately 3.2% over the same period. Bitcoin, which closed at $103,532 on Maio 14, 2025, closed at $106,843 on Maio 20, 2025. The decline in reserves on exchanges shows that investors are moving away from selling pressure and maintaining their long-term stance by moving their assets off-exchanges. While this trend creates a contraction on the supply side, it indicates that the upward momentum may continue with the price increase.
| Date | 14-Maio | 15-Maio | 16-Maio | 17-Maio | 18-Maio | 19-Maio | 20-Maio |
|---|---|---|---|---|---|---|---|
| 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 Maio 14 and 20, it was observed that this value was realized at 0.00002207 on Maio 14, the first day of the week. As of Maio 15, the value decreased, but on Maio 16, it started to rise again, reaching 0.00003362 and recording its highest level in the weekly period.
After this peak, Bitcoin Fees per Transaction (Mean) started to decline again, hitting a weekly low of 0.00000942 on Maio 18. On Maio 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 Maio 14 and Maio 20 shows that this value was 7.20969077 on Maio 14, the first day of the week. As of Maio 15, the value decreased, hitting a weekly low of 5.42989389 on this date. On Maio 16, it started to rise again, reaching 12.22527292 and recording its highest level in the weekly period.
After this peak, Bitcoin Fees (Total) started a downward trend again, closing at 5.92363402 on Maio 18. On Maio 20, the last day of the week, the data recovered slightly and closed at 7.42181356.
Miner Flows
As seen in the Miner Reserve table, the number of Bitcoins in 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 Maio 14 and Maio 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 on Maio 14 and $104,137 on Maio 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 | Maio 14 | Maio 15 | Maio 16 | Maio 17 | Maio 18 | Maio 19 | Maio 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 on the Bitcoin network, compared to 3,140,500 this week, an increase of approximately 34.36%. The 629,152 transactions recorded on Maio 18 was the highest transaction volume of the week, while the lowest number of transactions was 291,654 on Maio 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 in 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 by 10.53% to 4,236,490 BTC this week. On Maio 15, 757,513 BTC was transferred, the highest token transfer volume of the week, while the lowest token transfer volume was recorded on Maio 17 with 375,969 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 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 in the middle of the process and fell to 0.377 on Maio 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 by 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 in bullish sentiment, which points to longer-term assets. The large asset movement was also followed by 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 on-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 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
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.
