The Week On-Chain, Week 21, 2025

Strength in the Bitcoin market persists, with the leading digital asset reaching a new ATH of $111k and setting the third fresh ATH of this cycle. This has resulted in a broad uptick in activity across all major segments of the market.
Executive Summary
🔹Investor profitability and spending behavior have both increased notably, but current levels remain below the extremes reached at prior bull market peaks.
🔹Activity is also increasing in the derivatives sector, where both futures and options markets are experiencing significant growth in open interest.
🔹In the event of further upside, the $120k level appears as a key zone of interest.

Read the full report here.