Bitcoin News
By Evie Vavasseur
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Bitcoin is holding above $108,000, but a closer look at the data suggests that the current price may be on shaky ground.
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Here’s a breakdown of the data putting Bitcoin’s price under pressure.
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At the time of writing, Bitcoin’s market cap was growing faster than its network activity. This is shown clearly by the NVT Ratio, which jumped by more than 84% to hit 55.17.
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In parallel, the Puell Multiple—a tool used to track miner revenue relative to historical norms—spiked to 1.26, a 25.73% increase.
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Demand Weakens as Supply Pressure Builds
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Another concerning sign is the drop in Apparent Demand, which measures how much new capital is entering the market to absorb coins sold by miners and long-term holders.
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Most Holders Are in Profit—But That Could Be a Problem
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According to the latest UTXO data, more than 98.82% of Bitcoin holders are in profit. While this might sound bullish, it creates a fragile support structure.
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First Net Inflow in Weeks May Signal Shift in Sentiment
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Bitcoin recently recorded a $57.5 million net inflow to exchanges—the first meaningful inflow after a long period of outflows.
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If this trend of inflows continues, it could lead to a shift in sentiment, with accumulation giving way to distribution.
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Declining Active Address Growth a Red Flag
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Bitcoin’s active address count—a key indicator of user engagement—continues to lag behind its price.
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This divergence implies that much of the price strength could be speculative and not backed by organic usage or adoption, increasing the likelihood of a reversal.
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Can Bitcoin Hold $108K Without Strong Demand?
The Currency Analytics
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