The Week On-Chain 13, 2026
No Catalyst, No Range Break

Bitcoin remains rangebound between $60k and $70k as spot demand shows early absorption and derivatives reset. Volatility cools and positioning balances, but without a clear catalyst, the market lacks the conviction needed for a sustained breakout.

Executive Summary

- Total Supply in Loss sits near 8.4M BTC, echoing the Q2 2022 structure, when roughly 3M BTC needed to be redistributed before the market could reclaim its cycle mid-line.

- Coinbase Spot CVD has turned marginally positive, suggesting spot buyers are starting to absorb sell-side pressure, though demand remains well below the levels typically seen at durable lows.

- Perpetual positioning is now far less momentum-driven, with bullish exposure being unwound and short-side interest re-emerging, leaving futures more balanced but also more cautious.

Read the full Week On-Chain