Week On-Chain, Week 25, 2025

Bitcoin remains in a $100k–$110k range as profit-taking slows and activity metrics cool. While support at $99k holds, fading spot volume and cautious futures sentiment suggest limited upside momentum without a significant influx of demand.

Executive Summary:

- Headline volatility defines recent moves: Bitcoin briefly dropped to $99k amid geopolitical tensions, then rebounded to $106k after headlines of de-escalation circulated.

- Strong structural support at $93k–$100k: The CBD Heatmap shows concentrated accumulation in this zone, formed during Q1 2025.

- Profitability and activity metrics cooling down: Realized profit is tapering off from the third major wave of this cycle. On-chain transfer volume dropped ~32%, and spot volume remains low at $7.7B, reflecting reduced investor engagement.

- Futures markets are still active, but with lower conviction: Despite high trading volume, open interest dropped 7% and liquidations have surged on both sides.

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