Active Addresses
Between June 25 and July 2, 1,028,725 active addresses were added to the Bitcoin network. During this period, Bitcoin’s price peaked at $108,000. Notably, a drop in active addresses coincided with the price surge on June 29. The 7-day simple moving average (SMA) reveals a downward trend whenever it crosses the price, signaling weakening buying pressure.
Active Sending Addresses
From June 25 to July 2, active sending addresses exhibited sideways movement. On the day of the price peak, they reached 686,698, suggesting inflows considered the $108,000 level a key resistance point.
Active Receiving Addresses
Active receiving addresses rose steadily alongside the price, peaking at 461,021 during the $108,000 surge. This indicates buyers accumulated BTC at higher valuations.
Onchain Metrics Breakdown
MVRV Ratio
- June 25: Price: $107,390 | MVRV: 2.246
- July 1: Price fell 1.55% to $105,727 | MVRV dropped 2.40% to 2.192.
Realized Price
- June 25: Price: $107,390** | Realized Price: **$47,797
- July 1: Price down 1.55% | Realized Price up 0.86% to $48,211.
Spent Output Profit Ratio (SOPR)
- June 25: Price: $107,390 | SOPR: 1.019
- July 1: Price down 1.55% | SOPR declined 0.58% to 1.013.
Derivatives Market Activity
Open Interest
Bitcoin futures saw volatility:
- June 25: Open interest at $35B**, declining to **$33.8B by June 27.
- June 28: Sharp rebound in price and open interest, hinting at renewed long-side demand.
- July 2: Open interest recovered, but erratic movements reflect high market uncertainty.
Funding Rate
- June 25–27: Negative rates dominated (short bias).
- June 28–29: Rates surged above 0.007 (long interest).
- July 1: Reverted to negative (-0.002), signaling rapid long liquidations.
👉 Explore Bitcoin futures trends
Liquidations Recap
BTC traded between $105,100–$108,700, triggering:
- $137M long liquidations
- $290M short liquidations
| Date | Long Liquidations ($M) | Short Liquidations ($M) |
|------------|------------------------|-------------------------|
| June 25 | 9.78 | 47.15 |
| June 26 | 19.30 | 35.38 |
| June 27 | 17.92 | 133.71 |
| Total | 137.62 | 290.62 |
Supply Distribution
Total Supply: 19,885,767 BTC (+0.015% weekly).
New Supply: 3,096 BTC mined this week.
Wallet Holdings (Weekly Change)
| Category | June 23 (%) | June 30 (%) | Change |
|----------------|-------------|-------------|---------|
| <1 BTC | 8.4795 | 8.4707 | -0.10% |
| 1–10 BTC | 11.4552 | 11.4290 | -0.22% |
| 10–100 BTC | 24.6075 | 24.6580 | +0.20% |
| 100–1k BTC | 28.9068 | 28.9932 | +0.29% |
| 10k+ BTC | 8.1891 | 8.1292 | -0.73% |
Key Takeaway: Mid-tier holders (10–1k BTC) accumulated, while whales (10k+ BTC) reduced exposure.
Exchange Reserves
- June 25–July 1: Net outflow of 30,121 BTC (-1.21%).
- Reserves dropped from 2,481,638 BTC to 2,451,517 BTC.
Despite outflows, BTC price fell 1.5%, reflecting persistent market pressure.
| Date | Netflow (BTC) | Reserve (BTC) | Price ($) |
|----------|---------------|---------------|-----------|
| June 25 | -1,970 | 2,481,638 | 107,391 |
| July 1 | 2,610 | 2,451,517 | 105,727 |
Miner Activity
Miner Netflow: +10 BTC (31,367 inflows vs. 31,357 outflows).
- Positive correlation: Miner reserves rose as price dipped.
👉 Track real-time miner movements
Network Activity
- Transactions: 2,661,118 (+18.42% weekly).
- BTC Transferred: 3,872,504 BTC (+2.65%).
- Peak Activity: June 26 (504,184 transactions).
Whale Movements
Exchange Whale Ratio:
- June 25: 0.478 (high activity).
- June 28: 0.731 (peak selling).
- Current Ratio: 0.621 (moderate exchange usage).
Whale Trend: Long-term holders (2+ years) sold, while medium-term holders (6 months) accumulated.
FAQs
1. Why did BTC price drop despite exchange outflows?
Exchange outflows typically signal accumulation, but concurrent derivatives liquidations and whale selling offset bullish pressure.
2. What does the MVRV ratio indicate?
An MVRV below 2.5 suggests BTC is undervalued relative to its realized price, often preceding rallies.
3. How do miner flows impact price?
Positive miner netflows (more inflows) can indicate selling pressure if miners liquidate holdings.
4. Are whale activities bearish?
Mixed signals—whales balanced exchanges usage, but long-term holder sales capped upside momentum.
5. What’s next for BTC price?
Sideways movement likely until demand surpasses sell pressure from large holders.
Disclaimer: Onchain metrics do not guarantee future price action. Always conduct independent research.
Data Source: CryptoQuant