The Week On-Chain, Week 11, 2025

The Bitcoin market continues to adjust to its new price range after experiencing a -30% correction. Liquidity conditions are also contracting in both on-chain and futures markets. Additionally, Long-Term Holders remain inactive, reinforcing a picture of a sluggish market and sideways price action.

Executive Summary

🔸Liquidity continues to contract across on-chain and spot markets, with net capital inflows grinding to a halt, and exchange inflows slowing down.

🔸Key options metrics express a preference for downside risk aversion, with the implied volatility priced into put options resulting in elevated premiums.

🔸Short-term investors are experiencing significant pressure to lock in losses.

🔸Long-Term Holder activity remains largely subdued, with a notable decline in their sell-side pressure.

Read the full report here.
View the charts from this edition here.