ETH's rally is fueling investor expectations for a new 'Alt season', according to a recent CryptoQuant report.
Bitcoin experienced a notable surge earlier this week, climbing above the $104,000 mark and registering a weekly gain of nearly 10%. However, after reaching this level, the asset appears to have encountered resistance, with upward momentum slowing and price action remaining relatively flat in recent days. At the time of writing, BTC is trading at $103,663, reflecting a modest 1.7% increase over the past 24 hours. Amid this price performance, one of CryptoQuant’s top analysts, Darkfost, offered insight into the current market stagnation. Related Reading: Bitcoin Rally Stalls as SOPR Spikes: Analyst Explains What It Means Derivatives Market Activity Signals Short-Term Uncertainty According to his post on X, the root of the slowdown appears to stem from the derivatives market. Specifically, he pointed to the cumulative net taker volume, a metric that tracks the net volume of market orders, remaining in negative territory since BTC crossed above the psychological $100,000 threshold. This suggests that there are more aggressive sell orders (shorts) than buy orders (longs), creating persistent downward pressure on price. Net taker volume is a useful gauge of real-time trader sentiment, and when it trends negative, it typically signals that market participants expect prices to drop, prompting more short-selling. ???? The main reason why BTC is currently stuck at these levels comes from the derivatives market. ????The cumulative net taker volume has mostly remained in negative territory ever since BTC climbed back above the psychological $100 000 level. – What does this mean ? ⁰In simple… pic.twitter.com/2ABZ3qzQ0s — Darkfost (@Darkfost_Coc) May 16, 2025 Darkfost emphasized that this trend reflects increasing uncertainty among traders about Bitcoin’s short-term ability to reach new all-time highs. While long-term sentiment remains positive, the imbalance in derivatives activity highlights a cautious approach among participants. “It clearly reflects a growing sense of doubt among traders regarding Bitcoin’s ability to reach a new all-time high in the very short term,” he stated. “In such a context, the market loves to prove them wrong.” This sentiment-driven hesitation has slowed the pace of Bitcoin’s rally, even as it remains within striking distance of its January high. Bitcoin Technical Setup Hints at Bullish Continuation Meanwhile, technical analyst Javon Marks pointed to chart patterns suggesting a potential continuation of Bitcoin’s bullish trend. He highlighted the formation of a bull flag, a technical pattern often interpreted as a pause before the continuation of an upward movement. “Bitcoin looks to be bull flagging right under all-time highs. A breakout can send it above,” Marks wrote. Related Reading: Galaxy CEO Novogratz Sees Imminent Bitcoin Breakout To $130,000 If confirmed, this could signal renewed upward pressure and open the door for another leg higher. Additionally, Marks noted that altcoins are exhibiting similar behavior to previous market cycles, particularly the surges seen in 2017 and 2021. He suggested that the current phase may precede a broader altcoin rally, which historically tends to follow Bitcoin’s moves. Altcoins look to be moving similarly and right on track as it did in the 2017 and 2021 surges. The next phase looks to be where #Altcoins deliver the green light, or in other words push in their most bullish phases. This can SEND ALTS MUCH HIGHER, FAST ????! pic.twitter.com/2wrr0WOTzB — JAVON⚡️MARKS (@JavonTM1) May 16, 2025 Featured image created with DALL-E, Chart from TradingView
Dogecoin (DOGE) has shown a steady performance in recent weeks, which is in line with the broader rally across the cryptocurrency market. Over the past two weeks, DOGE has risen by more than 25%, pushing its price as high as $0.24. Despite this growth, the asset experienced a slight pullback in the past 24 hours, retreating by 0.3% to $0.22 at the time of writing. The latest movements mark a period of renewed interest in the asset, particularly from retail traders. Related Reading: Dogecoin Pullback May Be Short-Lived—Here’s The Next Price Target Dogecoin Retail Activity and Sentiment Indicators One of CryptoQuant’s contributors, Burak Kesmeci, recently shared new insights into DOGE’s futures market activity. In a post titled “Too Many Retail Traders? DOGE Futures Show Repeated Peak Patterns”, Kesmeci pointed to the potential influence of speculative trading behavior. His analysis highlights that previous peaks in Dogecoin’s price have often coincided with a sharp increase in retail participation in futures markets, raising questions about the sustainability of such rallies. Kesmeci’s analysis centers around a visual metric that tracks trading activity from retail investors within DOGE futures markets. In this chart, red bubbles mark moments when retail trading spikes significantly. These periods, according to the analyst, have historically aligned with local price tops, suggesting that elevated speculative behavior often precedes short-term corrections. On the other hand, green and pink bubbles, representing periods of reduced retail activity, have typically aligned with more stable or neutral price phases. The underlying interpretation is that when DOGE futures markets become saturated with retail participants, the likelihood of momentum exhaustion increases. For traders, these retail spikes may serve as potential warning signals of short-term reversals. As Kesmeci notes, this data can be used in conjunction with other technical and on-chain metrics to build a more comprehensive view of market sentiment, especially in volatile assets like Dogecoin. The analysis supports a more cautious approach where retail enthusiasm dominates trading volumes. Technical Forecast Suggests Possible Rally Continuation While futures data indicates caution around potential retail-driven tops, other technical perspectives suggest the possibility of further upside. Crypto analyst Javon Marks recently shared an outlook indicating that DOGE may be positioned for a continuation toward a new all-time high. Related Reading: Where’s Next Major Dogecoin Resistance? On-Chain Data Points To This According to Marks, the asset has confirmed a major bullish signal on its chart, suggesting that another leg of upward momentum may already be in play. He projects that the next major target lies nearly 200% above current price levels. $DOGE RECOVERING HEAVILY AND HAS CONFIRMED A MAJOR CONTINUATION SIGNAL ????! Next leg towards All Time Highs can be in-effect and with those levels nearly +200% away, it could be HUGE! https://t.co/5H1HkZG5Hn pic.twitter.com/whi0lxqDM2 — JAVON⚡️MARKS (@JavonTM1) May 13, 2025 Featured image created with DALL-E, Chart from TradingView
Bitcoin’s recent climb appears to have momentarily slowed following a period of consistent upward momentum. After briefly trading above $104,000 earlier in the week, the price has since retraced to around $102,004, reflecting a modest 1.2% dip in the past 24 hours. Despite the pullback, BTC remains up nearly 20% over the past month and is currently trading 6.4% below its all-time high of $109,000 reached in January. CryptoQuant contributor Carmelo Alemán shared insights into the activity of long-term holders (LTHs), suggesting a potential link between the recent pullback and increasing realized profits among seasoned investors. Related Reading: Bitcoin Exchange Stablecoins Ratio Surges—A Warning For Investors? Bitcoin SOPR and Profit-Taking Behavior Signal Distribution Trends According to Alemán, the Bitcoin SOPR (Spent Output Profit Ratio) for LTHs has risen significantly since March 12, marking a 71.33% growth in realized profits. This trend may reflect strategic profit-taking among investors who accumulated Bitcoin at lower prices during previous consolidation phases. Alemán’s analysis highlights how Bitcoin’s long-term holders, those who have held BTC for more than 150 days, have steadily increased their profit margins over the past two months. As of May 13, the SOPR for LTHs reached 2.27409, indicating that coins moved by these investors were sold at an average return of 227.41%. In practical terms, an investor who bought BTC for $50,000 would have realized roughly $113,705, with $64,000 in profit. This behavior may point to a period of cautious distribution, as experienced holders seek to lock in gains ahead of potential market corrections. Historically, such spikes in SOPR values tend to align with the later stages of market rallies, when price volatility increases and profit-taking accelerates. Alemán suggests that while the market has yet to reach its full cycle peak, LTHs may be preparing for such a scenario by adjusting their positions accordingly. This cautious profit-taking could influence near-term price movements, particularly if short-term traders follow the lead of more seasoned market participants. Related Reading: Bitcoin Will Hit $1 Million By 2028 As Capital Controls Kick In: Top Expert Mixed Signals from LTH Behavior: Selling Slows Despite Price Nearing ATH In contrast to Alemán’s observation, another CryptoQuant analyst, ShayanMarkets, presented a different view of LTH behavior. According to Shayan, while the Bitcoin market is experiencing some profit-taking pressure, long-term holders are not contributing significantly to the selling activity. This view is supported by the declining SOPR metric among LTHs, which suggests that these investors are either holding or continuing to accumulate. This divergence may indicate a shift in the market’s dynamics. Whereas prior rallies were often met with widespread distribution from early adopters, the current trend could be characterized by stronger conviction among institutional or strategic holders. If this behavior continues, Bitcoin may resume its upward momentum once short-term selling pressure subsides. Shayan wrote: Based on this behavior, Bitcoin is likely to resume its bullish trend following this pause, potentially leading to a fresh impulsive rally and new all-time highs in the mid-term. Featured image created with DALL-E, Chart from TradingView
Ethereum (ETH) experienced a slight price pullback over the past 24 hours, declining by 2.1% to hover slightly above $2,500. Despite this daily decline, ETH has remained at more than 30% over the past week, marking a strong recovery trend from earlier market conditions. The rally follows broad strength across the crypto market, with Ethereum pushing into new price zones that have brought it above several important realized price levels. The price movement from Ethereum prompted one of CryptoQuant’s contributors, BlitzzTrading, to closely monitor ETH’s realized price data, particularly how it relates to different wallet cohorts. Related Reading: $1.2B In Ethereum Withdrawn From CEXs – Strong Accumulation Signal Understanding Realized Prices Across ETH Wallet Tiers BlitzzTrading highlighted that Ethereum has moved above the average cost basis of most holders, broken down by wallet size. This “average cost basis,” or realized price, refers to the average price at which a given cohort of investors acquired their ETH. It is calculated by assessing the aggregate value at which the coins were last moved, providing insight into whether those investors are currently in profit or loss. Tracking these levels can help traders identify potential support zones or areas where profit-taking may occur. According to BlitzzTrading’s data, holders with balances between 100–1,000 ETH have a realized price of $2,225, those with 1,000–10,000 ETH hold at $2,196, and wallets holding between 10,000–100,000 ETH have an average cost basis of $1,994. Larger wallets, with over 100,000 ETH, have a much lower average cost basis of $1,222. As the current ETH price hovers around $2,500, most of these groups are in profit. However, price corrections to retest these levels, especially after sharp rallies, are common in both bullish and sideways market structures. Profit-Taking by Ethereum Whales Raises Questions About Short-Term Top In a related post, BlitzzTrading explored the behavior of large Ethereum holders, referred to as “whales,” defined as addresses holding over 10,000 ETH. These large investors can have a disproportionate impact on market prices due to the volume of their trades. The analyst noted that after ETH previously reached the $4,000 mark, whale-driven profit-taking contributed to a drop in price down to $1,300. Monitoring such activity is vital, as it can signal upcoming shifts in trend or potential short-term price ceilings. Related Reading: Ethereum Stakers Enter Profit Zone as Price Climbs Above $2,400 Currently, ETH is once again approaching territory where whales are significantly in profit. If these large holders begin to offload their positions, similar to previous cycles, it may introduce downward pressure. However, if whale wallets continue to hold or accumulate, it may reinforce broader market confidence. Real-time monitoring of whale flows remains a key tool for interpreting Ethereum’s short-term trajectory. Featured image created with DALL-E, Chart from TradingView
Bitcoin’s recent market movement reflects ongoing upward momentum, even as short-term fluctuations suggest some cooling. As of today, BTC trades at $103,485, reflecting a slight 0.6% dip in the last 24 hours and a near 10% decline over the past week. However, the asset remains just under 5% below its all-time high of $109,000 reached in January, continuing to hold a position near record levels. This pattern suggests Bitcoin may be entering a consolidation phase, supported by long-term bullish fundamentals. Amid this price performance, renewed activity among long-term holders is generating interest about the sustainability of the current price range and the potential for future volatility. Related Reading: Bitcoin Near ATH, But Still No Extreme Greed: Green Sign For Bull Run? Bitcoin Binary CDD Signals Potential Market Rotation CryptoQuant analyst Avocado Onchain recently highlighted a key indicator known as Binary Coin Days Destroyed (CDD), which helps assess the behavior of long-dormant Bitcoin. Binary CDD increases when older coins are moved after extended periods of inactivity, typically a sign of long-term holders re-entering the market or preparing to sell. Historically, spikes in Binary CDD have coincided with market tops or phases where distribution from early holders to newer market participants increases. According to Avocado, applying a 30-day moving average to Binary CDD smooths the data and provides a clearer view of macro trends. During previous Bitcoin rallies, including in late 2021 and during the twin peaks of 2024, the Binary CDD rose past the 0.8 threshold. That level historically signaled elevated movement from long-term holders, often aligning with increased selling pressure or profit-taking behavior. Currently, the indicator sits near 0.6 and is trending upward as Bitcoin attempts to retest its highs. If Binary CDD crosses the 0.8 mark again, it may suggest another wave of distribution is underway. Monitoring Profit Realization Behavior What makes Binary CDD useful is its ability to reflect potential shifts in market structure. When long-term holders begin moving large volumes of BTC, it often signals the start of profit-taking, especially if accompanied by high prices and strong market sentiment. However, the indicator alone does not confirm sell-offs; context, such as exchange inflows and broader trading data, is necessary to interpret it fully. In a broader sense, the current uptick in Binary CDD may point to Bitcoin entering a transitional stage. Rather than signaling the end of an uptrend, it could indicate that notable investors are gradually rotating capital or responding to price action in anticipation of near-term changes. In a separate market signal, another CryptoQuant analyst, EgyHash, highlighted concerns arising from the Exchange Stablecoins Ratio (USD), a metric that compares Bitcoin reserves to stablecoin holdings on exchanges. According to EgyHash, this ratio has climbed to around 5.3, surpassing the threshold of 5.0, which previously coincided with distribution phases in the market. A similar level in late January led to a pullback, and the current reading suggests that more traders may be preparing to sell, possibly rotating BTC holdings back into stablecoins or fiat equivalents. Featured image created with DALL-E, Chart from TradingView
Bitcoin has continued its steady ascent, with the asset now trading above $103,000. This marks a 0.4% decrease over the last 24 hours and more than 20% over the past month. While the rally has reaffirmed bullish sentiment in broader markets, recent data points to a shift in the sources driving this momentum. A CryptoQuant analyst has observed a growing disparity between regional and global market behavior, especially regarding the price of Bitcoin across different exchanges. Related Reading: Bitcoin Treasury Firms Are This Cycle’s Bubble, Experts Warn Upward Momentum as Global Investors Take the Lead CryptoQuant analyst Avocado Onchain recently analyzed a key metric known as the “Korea Premium,” which tracks the price difference between Bitcoin on Korean exchanges and international platforms. Despite Bitcoin’s rising market price, the Korea Premium has been on a consistent downward trend. This suggests the ongoing rally is largely being driven by institutional flows and investor sentiment in markets outside Korea, rather than from the historically active Korean retail segment. In previous cycles, particularly in 2017 and 2021, South Korean exchanges often traded BTC at a premium due to local demand surges, sometimes up to 20% higher than international prices. These periods were typically seen as signals of retail-driven euphoria. Avocado explains that this change in market dynamics reflects a new phase of capital distribution in the crypto space. With spot Bitcoin ETFs now operational in the US, and growing interest from corporations and even sovereign wealth entities, a larger share of trading activity is being driven by institutional strategies rather than retail speculation. This is reflected in the subdued Korea Premium, which failed to spike even as BTC crossed major resistance levels in recent months. Institutional Activity Redefines Bitcoin’s Market Drivers According to Avocado, even if a rebound occurs, any Korea Premium near 10%—once considered modest—should now be interpreted as elevated. The absence of excessive domestic premiums highlights that Asian retail is no longer setting the pace in Bitcoin markets. Instead, global institutional actors, armed with new vehicles like ETFs and custodial platforms, appear to be the primary drivers of demand. This shift is significant because it may signal more sustained and less volatile growth for Bitcoin, in contrast to previous boom-and-bust cycles fueled by retail enthusiasm. Related Reading: Buyers Take Control: Indicator That Predicted Previous Bitcoin Rallies Fires Again Avocado’s observations suggest a maturation of the crypto market. With retail sentiment lagging and institutional interest rising, Bitcoin’s price trajectory may now be more responsive to global macroeconomic events, policy shifts, and capital allocation trends from major asset managers. This evolving dynamic could also change how traders interpret volume spikes and volatility, especially as retail signals like the Korea Premium lose some of their predictive power. Featured image created with DALL-E, Chart from TradingView
XRP has aligned itself with the broader cryptocurrency market’s upward trend, registering significant gains over the past week. The asset recorded a 20% rise on the weekly chart before retreating slightly. At the time of writing, XRP trades at $2.54, reflecting a 2% decline in the past 24 hours. Despite the minor dip, the asset remains well above recent local lows and is showing signs of growing trader interest. According to a new analysis shared by CryptoQuant contributor BorisVest, activity in XRP derivatives on Binance indicates potential accumulation amid increasing speculative interest. Related Reading: XRP Price To Rally To $6: Partially Completed Wave 5 Says There’s Still Room To Run The market, which previously saw a steep drop in open interest, is now witnessing a resurgence in leveraged trading positions. These on-chain dynamics may be hinting at a shift in sentiment as participants return following the earlier flush-out. XRP Open Interest Rebounds as Traders Re-Enter the Market Open interest, defined as the total number of active futures contracts not yet settled—serves as a gauge for market engagement. When open interest increases alongside price, it often suggests rising speculative participation. In XRP’s case, the data shows a sharp rebound from a previous $530 million low to a higher range, suggesting a recovery in market confidence after a significant drop from its $1.5 billion peak. BorisVest also analyzed Binance funding rates, which reflect the cost of maintaining long or short positions in perpetual futures. These rates become positive when long positions dominate and negative when short interest prevails. During XRP’s recent correction, the funding rate turned negative, indicating an influx of short positions and setting up conditions for a possible short squeeze. A short squeeze occurs when short sellers are forced to buy back their positions due to rising prices, often resulting in rapid upward price movements. Currently, the funding rate is neutral, suggesting equilibrium between bullish and bearish positions, though subtle signals point to increasing short exposure. Taker Sell Pressure Meets Steady Price: Signs of Absorption? Another metric underlined in the analysis is the Taker Buy/Sell Ratio. This indicator compares the volume of aggressive buy orders (market buys) against sell orders (market sells). A ratio below 1 implies that sellers are more aggressive. In this case, XRP’s Taker Buy/Sell Ratio stands at 0.91, meaning selling pressure dominates. However, the absence of significant price declines despite the pressure implies potential absorption by larger players, which can be a precursor to bullish price movements. Related Reading: Crypto Analyst Says XRP Price Must Clear This Level Or Risk Crash To $1.9 The combination of rising open interest, neutral funding rates, and sustained price levels despite sell pressure suggests that XRP may be experiencing silent accumulation. While the market remains indecisive, these patterns are often observed in the early stages of a trend reversal or breakout. As speculative activity picks up, it could be worth monitoring these signals closely for further confirmation. Whether this leads to a continuation of XRP’s rally or not, the current data points to a market that is actively recalibrating, and possibly preparing for the next phase in price action. Featured image created with DALL-E, Chart from TradingView
Bitcoin has been able to climb above the $104,000 level, following a notable double-digit increase over the past week. At the time of writing, BTC trades at $104,271, narrowing the gap to its all-time high of $109,000. This recent price surge is not occurring in isolation. Instead, it appears closely tied to broader macroeconomic developments, most notably, the recent easing of trade tensions between the US and China, with both countries reducing tariffs on certain imports and exports. Market participants have responded positively to these policy shifts, signaling renewed risk appetite across traditional and digital asset markets. Bitcoin’s rally over the weekend reflects this optimism, with analysts identifying key technical indicators pointing toward rising buyer strength. One such indicator, the Taker Buy Sell Ratio, is gaining attention for marking previous turning points in Bitcoin’s price history. Related Reading: Bitcoin Nears All-Time High as $312M BTC Exit Binance Following US-China Trade Deal Bitcoin Taker Buy-Sell Ratio Signals Renewed Bullish Control CryptoQuant contributor G a a h highlighted that the Taker Buy Sell Ratio, a metric measuring the ratio of market buy orders to sell orders, has climbed to a significant threshold of 1.02. Historically, similar levels have coincided with crucial inflection points in Bitcoin’s price movement. For instance, this metric reached comparable highs during the late 2022 lows between $15,000 and $20,000, and again in October 2023 as Bitcoin broke through the $30,000 resistance level. According to G a a h, this recent breakout above the 1.00 line reflects an increase in aggressive buying activity, with market takers once again asserting short-term control. This suggests upward momentum may persist in the near term. However, the analyst also cautioned that these same conditions have previously been followed by volatility spikes, marking both the start and reversal of market trends. The analyst wrote: It’s worth noting that in previous periods, this same level has coincided with reversal zones or strong volatility, marking both the start and end of trends. We are therefore facing a scenario where buyer appetite could continue to drive BTC towards new highs. Realized Price Trends Confirm Ongoing Market Strength In a separate analysis, CryptoQuant analyst Crypto Dan examined Bitcoin’s realized price, a metric that reflects the average purchase price of all circulating BTC, as a tool to gauge market sentiment and directional strength. According to the report, the realized price is still on the rise, indicating that investors are increasingly accumulating BTC at higher prices. This trend differs significantly from previous cycles, where a reversal in the realized price preceded steep corrections. Crypto Dan attributes the current rise to institutional inflows, particularly through spot Bitcoin ETFs and corporate balance sheet purchases. These channels have brought in sustained capital, elevating the average acquisition price and reinforcing market structure. Related Reading: Why The US-China 90-Day Tariff Slash Can Push Bitcoin Price Above $110,000 As institutional players continue to allocate capital into Bitcoin, the realized price trend suggests that the ongoing rally may have more room to extend. With macroeconomic support from tariff reductions and on-chain indicators flashing green, the broader setup remains constructive for Bitcoin’s continued strength in the near term. Featured image created with DALL-E, Chart from TradingView
Ethereum is following the broader crypto market rally with renewed momentum, registering a 38.2% increase in the past week. At the time of writing, ETH is trading above $2,400, continuing its upward trajectory and narrowing the gap between its current price and its all-time high of $4,878 recorded in 2021. The asset’s recent performance has placed it firmly in line with Bitcoin and other major cryptocurrencies, benefiting from revived market confidence. On-chain activity is also beginning to reflect these price movements, especially among Ethereum stakers. According to data shared by CryptoQuant contributor Carmelo Alemán, Ethereum stakers have returned to a state of unrealized profits following a prolonged period of holding at a loss. This shift, the analyst notes, could play a role in shaping the next phase of Ethereum’s market dynamics as staking participants regain confidence in the network’s long-term outlook. Related Reading: Ethereum Price Completes Bullish Structure Break – $3,000 Comes Next Realized Price and Stakeholder Sentiment In his post titled “From Red to Green: Ethereum Stakers Are Back in Profit,” Alemán explained that staked tokens behave differently from regular circulating supply, remaining mostly static and thus excluded from metrics that rely on liquidity or transfer activity. This difference is essential in understanding metrics like the Realized Price, which calculates the average acquisition cost of a given cohort. Since March 3, 2025, Ethereum stakers have been operating under unrealized losses, with the Realized Price at $2,279 and the market price falling to $2,149. However, that changed on May 9, 2025, when the market price of ETH reached $2,297, pushing the staked cohort back into profitability. At that moment, the updated Realized Price stood at $2,276, indicating that a majority of staked tokens were once again held above their cost basis. The renewed profitability could reduce selling pressure and strengthen the resolve of validators and long-term holders who form the backbone of Ethereum’s proof-of-stake consensus model. Implications for Ethereum’s Ecosystem The return to unrealized profits among Ethereum stakers may signal broader positive implications for the network. Alemán emphasized that staked ETH is not only held by individuals seeking yield, but also plays a crucial role in maintaining Ethereum’s network security through validator participation. The shift back into profit territory may encourage new staking activity while discouraging premature withdrawals or profit-taking, helping to stabilize the supply side of the market. Related Reading: Here Are 5 Reasons Ethereum May Reach $12,000 In 2025 – Analyst In addition to individual stakers, institutions and Layer 2 protocol participants may interpret this trend as a bullish indicator for Ethereum’s future trajectory. Alemán noted: This type of price recovery has the potential to trigger new waves of accumulation and participation in the network, further enhancing its security and long-term stability. If ETH maintains this upward trend, we may be witnessing the beginning of a new bullish cycle for Ethereum and its most committed actors, including L2 solutions and other ecosystem players. Featured image created with DALL-E, Chart from TradingView
Bitcoin has continued its upward trend, recording a weekly price increase of 10.4% and currently trading at $103,881. The asset has surged over 24% in the last month, fueled by growing optimism across both crypto and traditional markets. Although still about 4% below its January all-time high, the latest developments suggest that bullish momentum may be building again. This renewed price strength appears to be supported by significant capital movements, including a notable Bitcoin outflow from the Binance exchange. Related Reading: Bitcoin 6-Month Flight Plan To $188,000, Here’s The Roadmap Bitcoin Exchange Outflows Suggest Accumulation Phase According to recent data shared on CryptoQuant’s QuickTake platform by analyst Amr Taha, over 3,000 BTC, valued at approximately $312 million, was withdrawn from Binance on May 12, marking one of the largest daily outflows in recent months. This coincided with a key macroeconomic development: a new trade agreement between the United States and China, which also sparked a sharp rebound in US equity markets, with the S&P 500 jumping more than 3%. Taha’s analysis indicates that this substantial Bitcoin withdrawal is part of a broader trend. Binance’s BTC reserves have declined consistently, falling from approximately 595,000 BTC in late February to 541,400 BTC by mid-May. The ongoing reduction in exchange balances typically signals a preference among investors for cold storage solutions or private wallets. Historically, such moves are viewed as indicative of accumulation behavior, suggesting lower near-term selling pressure and a more bullish medium-term outlook. The timing of the withdrawal, immediately following a geopolitical breakthrough between two of the world’s largest economies, adds further context. Taha highlights that capital markets responded positively to the easing of US-China tariff tensions, and the corresponding activity in the crypto space suggests Bitcoin investors are aligning their strategies accordingly. With macro uncertainty temporarily subdued, large holders appear to be repositioning for potential future gains, removing liquidity from exchanges to mitigate exposure and reduce immediate sell-side pressure. Macro Trends Influence Market Positioning The analyst further noted that market participants seem to be increasingly responsive to macro signals. The scale of the BTC withdrawal on May 12, paired with rising equity markets, illustrates how capital is shifting across asset classes in response to broader economic developments. Taha suggests this coordinated movement reflects renewed risk appetite and a possible recalibration of investor strategies in light of improving global trade dynamics. Related Reading: Are Bitcoin Bears Losing Out? $31 Million Wiped Out In BTC Shorts Liquidation While it remains to be seen whether this momentum can be sustained, recent patterns support the view that long-term holders and institutional participants are gaining confidence in Bitcoin’s role within a diversified investment strategy. As traditional markets recover and geopolitical risks ease, Bitcoin’s reduced exchange reserves and growing off-exchange holdings may lay the groundwork for another test of its all-time high. The coming weeks will likely be crucial in determining whether current inflows translate into a full-scale breakout or a period of consolidation. Featured image created with DALL-E, Chart from TradingView
According to data from CoinMarketCap, Ethereum prices gained by 37.14% in the past week to reach a local peak of $2,600. The majority of this gain has been attributed to the recent Petra network upgrade of the Ethereum blockchain, which is designed to introduce many features, including boosting the ETH burn rate and market scarcity. Amidst Ethereum’s rally in the past week, the altcoin recorded a significant development that signals a long-term bullish market. Related Reading: Ethereum Surge Above $2,200 Says Bear Market Is Over, Analyst Calls $5,791 ‘Easy’ Target Ethereum Stays Above Realized Price – What Does It Mean? The realized price in the crypto market refers to the average acquisition price of all circulating tokens. It’s a key indicator of market sentiment as a trading price below the realized price signals a bearish market because investors are holding a loss. The reverse scenario is true for a bullish market. In the analysis provided by CryptoQuant expert Crazzyblockk, ETH is trading above its realized price at $1900 based on the market activity for accumulating addresses, i.e., long-term holders and frequent depositors on the Binance exchange. Notably, this development just occurred in the past week despite the market rebound that has been ongoing since mid-April. The price rise above $1900 proclaims a loud bullish signal as the long-term holders are now in profits, indicating a renewed confidence in ETH’s long-term value. This confidence is strongly reflected in the fact that most recent ETH outflows are moving from Binance, the most active crypto exchange for ETH trading. When Binance ETH deposit addresses show profitability with the current ETH price above the realized price, it indicates a general increase in traders’ confidence and stronger market activity. Moreover, the price rise above $1900 shows a sustained bullish momentum, indicating the market can absorb profit-taking without breaking the current uptrend. Related Reading: Bitcoin ETFs Hit $40 Billion Inflows, Setting Historic Crypto Record Binance Keeps Lead In ETH Liquidity Based on the presented analysis, Crazzyblockk further concludes that Binance boasts the most active ETH trading community in the crypto space. This is indicated by the massive ETH outflows on the exchange, suggesting a high market activity on the exchange during price appreciation. The analyst further tipped the exchange to maintain this dominance as traders will always use the most liquid exchange to manage their positions, either for accumulation or for profit taking. At the time of writing, Ethereum trades at $2,525, reflecting a 5.88% gain in the past day. Meanwhile, the asset’s trading volume is down by 18.44% and valued at $33.79 billion. ETH next’s resistance remains at $2,600 following a recent rejection in the past few hours. If the altcoin can successfully move past this barrier, a potential upswing to $2,800 lies ahead. Featured image from Pexels, chart from Tradingview
CryptoQuant Founder and CEO Ki Young Ju has walked back his bearish prediction after the Bitcoin price broke out above $100,000. This move has taken the entire market by surprise after calls for lower prices dominated the crypto space for the last few months. As sentiment has moved back into the positive, Young has turned bullish, explaining the change in his stance and what is going on with the market right now. Bitcoin Bull Cycle Is Not Over In an X post, CEO Ki Young Ju explained how the current market has deviated from the previous cycles. For one, he explains that the market is no longer reliant on old Bitcoin whales, retail investors, and miners to move the market. This used to be the way to know the cycle top, which was when old whales and miners were offloading their bags. However, the market has managed to move on, and the Bitcoin price is now better positioned to absorb large sell-offs without issue. Related Reading: Bullish Continuation For XRP Price Shows Possible Recovery To $4 Young explains that this can be attributed to how diverse the market has become so far. The advent of Spot Bitcoin ETFs, which were approved by the Securities and Exchange Commission (SEC) back in 2024, have opened up new avenues for liquidity. Now, it is not only new retail investors playing the field, but also institutional investors who have been given an avenue to enter the market, and with much larger pockets. This new and substantial flow of liquidity has made it so that even sell-offs from large whales are no longer impacting the Bitcoin price the way they used to. Thus, the CEO believes that it is time to actually shift focus from the old to the new. Given this change in the tide, the CryptoQuant CEO stated that it might be time to throw out the cycle theory. This is because of the changes in liquidity flow, as sources have become more uncertain. “Now, instead of worrying about old whales selling, it’s more important to focus on how much new liquidity is coming from institutions and ETFs since this new influx can outweigh even strong whale sell-offs,” Young explained. Related Reading: Bitcoin Price Flashes Signal That Has Led To A Surge Every Time Nevertheless, he still posits that the current market isn’t flashing a clear bearish or bullish pattern when it comes to the profit-taking cycle. As he explains, the market is still sluggish around absorbing all of the new liquidity coming from the different sources and indicators are still “hanging around the borderline.” As for the Bitcoin price, it continues to show strength after crossing $100,000, as bulls eye new all-time highs above $109,000. Investor profitability has also skyrocket and a whopping 99% of all Bitcoin holders are now sitting in profit, according to data from IntoTheBlock. Featured image from Dall.E, chart from TradingView.com
Bitcoin’s recent surge has kept its price firmly above the $100,000 price level, reflecting ongoing investor confidence. At the time of writing, BTC is trading at $103,527, posting a 4.3% gain in the past 24 hours and climbing 33% over the last month. While still approximately 5% below its all-time high recorded in January, the market has displayed consistent upward momentum, with technical and on-chain signals indicating continued accumulation. Related Reading: Bitcoin Derivatives In The Driver’s Seat For $100,000 Rally, Data Shows On-Chain Metrics Reflect Growing Confidence This latest rally comes amid broader economic uncertainty and renewed geopolitical activity. According to data shared by CryptoQuant analyst Darkfost, current market patterns mirror a period last seen almost 5 years ago, marked by high volatility and conflicting economic narratives. While central banks such as the Federal Reserve have maintained a cautious stance, investor sentiment appears to be shifting toward risk-on, as headlines around trade agreements and fiscal maneuvering spark a surge in buying interest. Darkfost points to the Bitcoin Growth Rate indicator, which has returned to bullish territory alongside BTC reclaiming the $100,000 level. The analyst notes that current market dynamics resemble the June 2020 cycle, particularly in how external political developments influence asset flows. For example, recent trade talks initiated by the Trump administration and aggressive posturing on global policy are fueling rapid investor reactions across equities and crypto alike. This sentiment-driven environment, according to Darkfost, makes it challenging to rely solely on traditional metrics for forecasting price trends. Complicating the picture is the impact of news-driven narratives. Darkfost wrote: This can notably be explained by all the headline-driven effects, like the one we saw today (“You should buy stocks now”), but also by the fact that Trump is starting to pursue trade deals with various countries, such as the agreements made today with the U.K. These signals may be pushing investors into crypto assets as part of broader diversification strategies. Despite the Federal Reserve’s warning for continued caution, the market seems to be faced with a fear of missing out, creating further upside volatility. Bitcoin Whales Continue to Accumulate as Retail Lags In a related analysis, another CryptoQuant analyst caueconomy revealed that large-scale Bitcoin holders have remained active throughout the recent price recovery. Over the last month, wallets classified as “whales” have added roughly 41,300 BTC to their balances. This steady accumulation, especially from institutional investors and corporations, indicates that strategic positioning continues regardless of mixed macroeconomic signals. According to caueconomy, this accumulation is not being driven by retail speculation but by institutional entities using corporate resources such as retained earnings and debt issuance. This form of capital inflow, often described as “passive” accumulation, can generate sustained demand pressure independent of market cycles. As a result, Bitcoin’s recent gains may be supported by a structurally different class of buyers than in previous bull markets. Featured image created with DALL-E, Chart from TradingView
According to a recent CryptoQuant Quicktake post by contributor burakkemeci, Bitcoin (BTC) is beginning to show signs of a trend reversal after weeks of downward movement. Notably, BTC surged past $100,000 yesterday for the first time since February 3. Bitcoin On The Verge Of Trend Reversal? At the time of writing, Bitcoin is trading slightly above $100,000, approximately 5.2% below its all-time high (ATH) of $108,786, set earlier this year on January 20. The leading cryptocurrency has staged an impressive rebound of over 20% from its recent low of $74,508 recorded on April 6. Related Reading: Bitcoin ‘Apparent Demand’ Makes Sharp Rebound – Will BTC Breakout Soon? In their analysis, crypto analyst burakkemeci referred to the CryptoQuant Bull-Bear Market Cycle indicator, saying that it is flashing the early signs of a potential bullish trend reversal. The analyst noted: With Bitcoin surging back above $100K, the indicator has started flashing bullish signals again – for the first time in weeks. Although the signal is still weak (coefficient: 0.029), the mere appearance of a positive shift is encouraging. To explain, the CryptoQuant Bull-Bear Market Cycle indicator is an on-chain tool that tracks long-term and short-term market sentiment by comparing price momentum and investor behavior trends. It uses two key components – the 30-day and 365-day moving averages (MA) – to identify shifts between bull and bear cycles. Importantly, the analyst pointed out that the Bull-Bear 30-day MA has started to turn upward. If this metric crosses above the 365-day MA, historical trends suggest Bitcoin could enter a phase of parabolic price growth. Recent macroeconomic developments may further support the bullish narrative for Bitcoin. Julien Bittel, Head of Macro Research at Global Macro Investor, recently highlighted the relationship between the global M2 money supply and the price of BTC. Bittel shared a chart that overlays BTC’s price with the M2 money supply, adjusted with a 12-week lag. The data reveals a steep increase in global liquidity since early 2025, implying that BTC could follow this trend and continue rising in the months ahead. Warning Signs Still Linger For BTC Despite recent strength, not all signals are bullish. Analysts caution that the current rally has been accompanied by aggressive profit-taking, increasing the chances of a local top forming. Related Reading: Bitcoin Still Far From A True Supply Shock, Analyst Explains Further, recent analysis shows that BTC’s Demand Momentum is yet to come out of negative territory. The analyst noted that such market behavior is mostly prevalent during late-cycle distribution phases or macro-level consolidation periods. That said, Bitcoin’s Stochastic Relative Strength Index (RSI) is beginning to reflect renewed bullish momentum. At press time, BTC trades at $103,444, up 4% in the past 24 hours. Featured image created with Unsplash, charts from CryptoQuant, X, and TradingView.com
Bitcoin has revisited the $100,000 mark for the first time in months, gaining nearly 5% in the past week. As of the time of writing, BTC is trading at $102,922, up 3.5% on the day and just 5.2% shy of its all-time high of $109,000 recorded in January. The latest push above this critical psychological threshold marks a renewed phase of bullish market behavior, following weeks of range-bound trading between $93,000 and $98,000. Related Reading: Massive Buy Pressure Hits Binance as Bitcoin Reclaims $100,000 Short Liquidation Clusters Ignite Rally According to insights shared by CryptoQuant contributor Amr Taha, the recent rally has been driven in part by a sequence of short liquidation events on Binance. These events not only removed downward pressure from the market but also flipped the derivatives funding market, signaling a possible change in trader sentiment. Taha explained that a large cluster of short positions had accumulated in recent days, creating conditions ripe for a squeeze. Taha noted that the first key liquidation occurred at the $97,000 level, where a large number of short positions were wiped out, totaling approximately $360 million. Traders had positioned themselves for a local top, but instead, BTC broke through this zone, triggering a cascade of short covers and forced liquidations. This resulted in a rapid price acceleration as sellers were pushed to close their positions. Shortly after this surge, the price consolidated below the $101,000 mark, where another dense cluster of short interest had formed. This acted as a magnet for a second liquidation wave. When BTC breached $101,000, nearly $240 million in shorts were liquidated, contributing to a breakout that pushed the price toward $104,000. Data from liquidation heatmaps highlighted both $97,000 and $101,000 as high-liquidity targets, reinforcing the narrative that these were calculated liquidation sweeps. Bitcoin Funding Rate Shift Signals Bullish Sentiment The impact of these events extended beyond spot price movement. Taha pointed to Binance’s funding rate chart, showing that prior to the liquidation events, the funding rate was negative, a reflection of bearish bias among traders who were paying to maintain short positions. Following the twin liquidation waves, the funding rate flipped to +0.01%, a key signal that demand for long exposure was increasing. This transition from negative to positive funding is often interpreted as a shift in market structure, from bear-dominated to bull-dominated sentiment. It suggests that many traders now expect further upside, at least in the near term. Related Reading: Trump’s $6 Billion Trade Deal With The UK Pushes Bitcoin Past $100,000 Additionally, the rapid adjustment in funding rates highlights the impact that derivative market positioning can have on spot price behavior, especially during periods of thin liquidity or elevated leverage. Featured image created with DALL-E, Chart from TradingView
Bitcoin’s price has finally reclaimed the $100,000 milestone after ranging below it for several weeks. This latest surge signals renewed momentum in the broader crypto market. At the time of writing, the asset trades at $100,383, reflecting a 3.5% gain over the past 24 hours. Despite this climb, Bitcoin remains roughly 8.4% % below its all-time high of $109,000 reached in January 2025, highlighting room for further upside if buying interest persists. Related Reading: Bitcoin Investors Are Taking Profits Aggressively – Signs Of A Local Top? Buy-Side Pressure Mounts as Key Metric Hits Bullish Threshold A CryptoQuant analyst has reported that the Taker Buy-Sell Ratio on Binance, which reflects the level of aggressive buying versus selling, is currently trending upward. Crazzyblockk highlighted key insights into this trend and what it may signal for Bitcoin’s price trajectory. According to the post titled “Binance Taker Buy-Sell Ratio – Your Smart Money Radar,” the ratio currently stands at 1.131, suggesting a dominant presence of market buyers over sellers. The seven-day average has trended up to 1.045, while the 30-day average shows a 12.1% surge. These readings signal bullish sentiment, although the associated z-score of 2.45 suggests that market conditions may be approaching short-term overbought levels. Crazzyblockk notes that Binance remains one of the most reliable platforms for gauging sentiment due to its deep liquidity and trading volume. The platform’s scale provides an accurate reflection of institutional and high-volume trader behavior. The analysis suggests that if the taker ratio stays above 1.1 and Bitcoin sustains the $99,000 level, bullish continuation is likely. However, a dip below 1.05 could hint at profit-taking and potential consolidation. The elevated price volatility also provides opportunities for short-term traders looking to capitalize on market swings. Bitcoin New Whales Reshape Ownership Dynamics in 2025 In a separate analysis, CryptoQuant contributor OnChainSchool has observed notable changes in the makeup of Bitcoin’s largest holders. Using on-chain data, the analyst identified a substantial increase in the number of wallets holding more than 1,000 BTC with coins aged less than 155 days, typically considered new whales. The ratio of new to old whales has risen from 0.16 to 0.28 this year, marking a 75.6% increase in their relative presence. These new wallets have collectively added over 430,000 BTC to their holdings, while older whales have trimmed their exposure by around 24,000 BTC. Despite the dynamic nature of wallet categorization, where new whales age out after 155 days, the upward trend in balances points to an influx of capital from newer, high-value investors. Related Reading: Bitcoin’s Realized Cap Hits Record High as Accumulation Continues Interestingly, this coincides with the recent report of an all-time high recorded in Bitcoin’s realized cap, which signals growing confidence in BTC among holders. Bitcoin Breaks Realized Cap All-Time High for the Third Consecutive Week “This pattern reflects growing confidence among both Long-Term Holders and Short-Term Holders, who are strengthening their positions as the market shows signs of recovery.” – By @oro_crypto pic.twitter.com/rQoWq1zqHy — CryptoQuant.com (@cryptoquant_com) May 8, 2025 Featured image created with DALL-E, Chart from TradingView
Undervaluation signals have previously preceded ETH rallies, but surging supply, flat demand, and weakened burn mechanics complicate the outlook.
Ethereum’s price has seen a moderate recovery over the past week, tracking closely with the broader crypto market’s positive momentum. At the time of writing, ETH is trading at $1,820, reflecting a 3.3% increase over the last seven days and a 2.5% gain in the past 24 hours. While the asset remains well below its all-time highs, this gradual rise suggests a potential shift in sentiment among investors. The latest on-chain insights from CryptoQuant point to a notable trend developing within Ethereum’s staking ecosystem. Related Reading: Ethereum ‘Insanely Undervalued’ As Accumulation Addresses Keep Stacking – Is A Rally Imminent? Post-Pectra Staking Activity Marks Sentiment Shift According to analyst Kripto Mevsimi, the post-Pectra upgrade period has been marked by a reversal in staking flows. After a brief pullback ahead of the network update, ETH holders appear to be returning to staking, with fresh inflows suggesting renewed interest and confidence in Ethereum’s long-term direction. Mevsimi’s analysis shows that between November 16 and February 15, before the Pectra upgrade was publicly announced, Ethereum’s total staked supply dropped by over 1 million ETH. This retreat likely reflected investor uncertainty surrounding the update and broader market conditions. However, from mid-February to mid-May, staked ETH has increased by approximately 627,000 ETH, signaling a return of staking activity following Pectra’s implementation. The upgrade itself introduced important validator improvements and flexibility enhancements, including EIP-7002, which some analysts believe may pave the way for institutional adoption or potential ETF alignment. The renewed staking trend, while not yet dramatic in scale, appears to indicate an early phase of repositioning within the Ethereum ecosystem. Mevsimi suggests that this could mark the beginning of institutional preparation or a broader reassessment of Ethereum’s staking value proposition. With regulatory clarity still developing and macroeconomic uncertainty in play, the future of this trend remains fluid. However, the behavioral pivot post-upgrade may reflect strengthening structural support for Ethereum as a network. Ethereum Fee Revenue Declines Despite Price Recovery While staking metrics suggest a shift toward renewed engagement, Ethereum’s on-chain activity presents a more cautious picture. In a separate update, CryptoQuant analyst Carmelo Alemán highlighted a steep drop in the network’s fee revenue. Data from the Ethereum: fees (Total) metric reveals that daily fees have plummeted from 5,646 ETH on November 13, 2024, to just 292 ETH by May 6, 2025—a 94.82% decline. This dramatic reduction in fee generation impacts validators directly, as it lowers rewards tied to securing the network. Alemán notes that the decline may also be linked to reduced demand for block space, fewer transactions, or increasing user migration to Layer 2 platforms such as Arbitrum, Optimism, or zkSync, where fees are typically much lower. Related Reading: Ethereum Spot Volume Declines While Long-Term Holders Continue Accumulating The contrast between rising staking activity and declining fee revenue highlights a complex environment in which investors appear confident in Ethereum’s long-term potential despite a near-term slowdown in on-chain engagement. Featured image created with DALL-E, Chart from TradingView
Bitcoin is currently trading just under the $100,000 psychological threshold, maintaining a sideways trajectory in recent weeks. At the time of writing, the asset trades at $97,005, reflecting a modest 2.6% gain over the past seven days and a 3.3% increase in the last 24 hours. While volatility remains subdued, recent on-chain data highlights a steady rise in investor activity that could hint at future price movement. Related Reading: Bitcoin In The Middle Of A Decision Point, Analyst Says—Here’s Why Bitcoin Investor Confidence Reflected in On-Chain Metrics CryptoQuant contributor Carmelo Alemán has outlined an ongoing trend that points to sustained investor interest. In a recent QuickTake post, Alemán noted that Bitcoin’s Realized Cap, representing the aggregate value of coins based on their last movement, has reached an all-time high for the third consecutive week. The metric, calculated by multiplying each unspent transaction output (UTXO) by its purchase price, rose to $890.7 billion, indicating growing capital inflow into the asset. According to Alemán, the consistent climb in Bitcoin’s Realized Cap demonstrates a continuation of accumulation by both long-term and short-term holders. The increased capital invested in BTC over the past few weeks suggests that market participants are positioning themselves for a potential price breakout. This pattern of capital inflow may be laying the groundwork for a stronger bullish phase if sustained investment continues. Long-Term Holders (LTHs) and Short-Term Holders (STHs) appear to be increasing their stakes during this consolidation period. Alemán emphasized that the rising Realized Cap does more than reflect price, as it also captures market conviction. The metric signals a growing belief in Bitcoin’s longer-term value proposition when paired with steady accumulation trends. If historical patterns repeat, the market may be in the early stages of forming a new uptrend. Coinbase Premium Gap Signals Localized Pressure Despite the on-chain optimism, other indicators suggest reasons for caution. Another CryptoQuant analyst, Abramchart, recently highlighted the Coinbase Premium Gap as a sign of regional bearish sentiment. The gap, which was at -5.07 at the time of reporting, means Bitcoin is trading lower on Coinbase, an exchange largely dominated by US investors, compared to global platforms. This negative gap is often interpreted as an indicator of selling pressure from American participants. Abramchart noted that although the premium had previously recovered, the recent decline aligns with Bitcoin’s failure to push beyond the $97,000 level. Persistent negative values in the premium gap typically signal weak demand in the US market, which could act as a headwind to upward momentum. If the gap continues to trend downward, it may reinforce current price stagnation despite broader accumulation trends. Featured image created with DALL-E, Chart from TradingView
TRON’s native token, TRX, has reflected the broader market’s recent sluggishness, with minimal movement over the past weeks. The token recorded a marginal 0.2% decline over the last seven days and is currently trading at approximately $0.2451, showing a 1.8% decrease in the last 24 hours. Despite this muted price activity, TRON’s network fundamentals suggest underlying stability and continued operational efficiency. Related Reading: Is It Time For Altcoin Season? Bitcoin Dominance Rises To Major Rejection Zone TRON Super Representative Signals Active Governance According to recent insights from CryptoQuant’s research team, TRON’s blockchain infrastructure has consistently produced 99.7% of its expected 28,800 blocks per day, demonstrating strong reliability. This performance contrasts with earlier years, particularly 2020 to 2021, when block production experienced greater volatility. The team attributes this improvement to the effectiveness of TRON’s Super Representative (SR) system and the maturation of its delegated proof-of-stake (DPoS) consensus mechanism. The report further highlights that the number of SRs has remained relatively stable, with 30 different SRs contributing in 2025 so far. Of these, 24 SRs were responsible for just over 3.7% of total block production. Comparatively, there were 34 active SRs during the same period in 2020, with a similar share of block production. However, the composition of these SRs has changed significantly. Roughly 68% of the SRs active in 2020 are no longer producing blocks today, replaced by newer participants. This dynamic rotation of block producers reflects decentralization and ongoing community participation in TRON’s governance structure. $1B in USDT Minted as Network Sees Increased Institutional Demand Alongside its stable network performance, TRON recently witnessed a major liquidity event. On May 5, 2025, Tether Treasury minted $1 billion worth of USDT on the TRON blockchain, continuing a pattern of large-scale stablecoin issuance on the network. CryptoQuant analyst Amr Taha emphasized that these mints are not speculative but are backed by verified fiat deposits, typically from large-scale investment funds or over-the-counter (OTC) trading desks. The influx suggests significant institutional interest, with funds likely earmarked for crypto market activity. Related Reading: TRON Accumulation Phase Detected—Major Price Surge Coming Taha explained that TRON’s appeal lies in its cost-effective and fast transaction capabilities. These attributes make it an ideal network for executing large USDT transfers efficiently, especially in use cases like cross-border remittances, high-frequency trading, and arbitrage. The analyst also noted that TRON-based USDT is particularly popular in Asia, where access to traditional financial rails can be limited. As such, the $1 billion mint highlights TRON’s growing role as a hub for global crypto liquidity. Featured image created with DALL-E, Chart from TradingView
Ethereum (ETH) seems to have extended its period of price stagnation, trading at $1,770 at the time of writing. The asset has dropped by 3% over the past week and 1.6% in the past 24 hours, continuing its broader corrective trend after reaching a cycle high of $4,107 in December 2024. Although price movement has been limited, on-chain data suggests that certain underlying shifts could influence market behavior in the near term. Related Reading: Ethereum Breaks Massive Downtrend Price Structure – Momentum Shift? Ethereum Sees Plunge In Spot Volume CryptoQuant analyst Darkfost has reported that Ethereum’s spot volume is experiencing a consistent decline. His analysis focuses on a bubble chart that visualizes two dimensions: the size of each bubble represents spot volume, and its color indicates the volume change rate. According to the data, the bubbles have become progressively smaller and lighter in color, indicating that fewer trades are being conducted and that the pace of decline in volume is slowing. While declining spot volume may traditionally be viewed as a sign of reduced investor interest or weak momentum, Darkfost interprets it differently in the context of a market correction. He suggests that a decline in spot volume during a downtrend can act as a stabilizing force, potentially reducing the likelihood of sharp volatility spikes caused by large sell orders. Lower volume during a corrective phase could mean that sellers are exhausting their positions or stepping aside, creating conditions for price consolidation. This can ease the intensity of downward pressure and potentially pave the way for a more balanced market structure in the short term. However, Darkfost was cautious in his interpretation, noting that cooling volume doesn’t necessarily mean the market has bottomed out. Instead, it could simply mark a temporary pause in volatility before the next move. Long-Term Holders Increase Exposure Despite Unrealized Losses Meanwhile, in a separate update, CryptoQuant analyst Carmelo Alemán explored Ethereum’s long-term holder behavior and revealed that many ETH investors continue to accumulate, even while sitting in unrealized losses. Accumulation addresses, defined as wallets that consistently receive ETH without significant selling, are generally seen as strong hands with longer investment horizons. According to Alemán, March 10 marked a pivotal moment when the average realized price of accumulation addresses fell below ETH’s market price, pushing these wallets into negative territory. Related Reading: Ethereum Holders Stay Committed Despite Unrealized Losses – Signs Of An Incoming Rally? Despite this, the data shows that accumulating addresses have increased their balances by over 22% between March and early May, growing from 15.5 million ETH to 19 million ETH. This behavior reflects strong conviction and suggests that long-term holders believe Ethereum is undervalued at current prices. Historically, such accumulation during downturns has preceded upward price movements, as reduced supply on the market creates favorable conditions for a rally when demand returns. Featured image created with DALL-E, Chart from TradingView
Despite ongoing consolidation across the broader crypto market, Tron (TRX) has managed to maintain a steady upward trajectory. The token has recorded a 2.6% increase over the past two weeks and is currently trading at $0.2495, reflecting a 0.7% uptick in the last 24 hours. This relative strength comes at a time when several major altcoins are experiencing muted price action. Tron’s stability amid broader volatility has drawn the attention of market participants analyzing on-chain dynamics for insight into potential future moves. Related Reading: Tron And Bitcoin: Will A Block Reward Cut Boost TRX Price? Tron On-Chain Trends Suggest Network Consolidation According to a recent analysis by CryptoQuant contributor BorisVest, the Tron network is currently signaling an accumulation phase. In a report titled “Tron Network Signals Accumulation Phase Amid Decreased Activity,” the analyst outlines a number of on-chain indicators that support this conclusion. Most notably, the number of new wallets and transaction fees on the network has declined, pointing to a cooldown in network activity. However, rather than indicating weakness, BorisVest interprets this as a pause in active participation as the network consolidates. BorisVest notes that the Tron network experienced a spike in complex transactions and gas usage during its recent highs. However, both average and maximum gas usage have since fallen, suggesting a slowdown in usage intensity. Additionally, despite occasional price surges, the number of new wallet addresses has remained either flat or in decline. This trend implies limited retail or organic growth during the current market phase. Historically, such patterns of stagnation in user growth and fee activity have often preceded stronger market moves, according to the analyst. The decline in wallet creation and overall gas usage may signal a broader accumulation pattern across the Tron ecosystem. Fewer participants transacting on-chain and a lack of significant new user onboarding typically coincide with phases where existing holders increase their positions quietly. If historical cycles are any indication, this period of reduced activity could eventually give way to renewed momentum once investor confidence returns. USDT Activity Paints a Different Picture In contrast to the slowing activity suggested by wallet creation and gas fees, stablecoin usage on the Tron blockchain continues to show notable growth. CryptoQuant analyst Darkfost highlighted that the amount of Tether (USDT) circulating on Tron has reached a new all-time high, now surpassing $71 billion. This figure places Tron just behind Ethereum, which currently hosts around $75 billion in USDT. The increasing stablecoin supply indicates strong demand for value transfer and settlement use cases on the network. Related Reading: Altcoin Transaction King? TRON Hits 42% Share As USDT, DeFi Explode Darkfost also emphasized that Tron’s low transaction costs make it an attractive platform for stablecoin users. As more liquidity flows into the Tron ecosystem via USDT, the network’s role in decentralized finance (DeFi) continues to expand. Featured image created with DALL-E, Chart from TradingView
Bitcoin’s recent recovery has encountered resistance as the asset remains range-bound between $93,000 and $97,000. After briefly climbing late last month, Bitcoin has struggled to maintain upward momentum since then. At the time of writing, BTC is trading at approximately $94,305, reflecting a modest 1.3% decline over the past day. While price action has slowed, activity on the backend of the market suggests underlying shifts in investor behavior. New on-chain data points to a significant decrease in Bitcoin reserves held on Binance, the world’s largest cryptocurrency exchange by trading volume. Related Reading: Bitcoin ATH Incoming? Analyst Flags Indicators That Preceded Every Major BTC Rally One of CryptoQuant’s contributors, Amr Taha, highlighted the development in a recent QuickTake post, signaling that over 51,000 BTC have been withdrawn from Binance wallets since mid-April. This drop from roughly 595,000 BTC to around 544,500 BTC could indicate a recalibration in investor strategy, with growing interest in long-term holding or redeployment of assets outside centralized platforms. What’s Driving the Bitcoin Outflows from Binance? According to Taha, multiple factors may be contributing to this steep decline in exchange-held reserves. One explanation involves institutional investors and long-term holders moving their Bitcoin into cold storage. This off-exchange behavior is typically interpreted as a signal of longer-term conviction, as these participants seek to secure assets while reducing the likelihood of short-term selling. Given the rise of custodial solutions and more institutional-grade wallets, this trend may reflect maturing market behavior. Another key factor could be the increasing use of Bitcoin within decentralized finance (DeFi) and cross-platform arbitrage strategies. Taha noted that entities may be withdrawing BTC to access yield opportunities or deploy capital in other blockchain ecosystems. Additionally, the recent positive flows into Bitcoin spot exchange-traded funds (ETFs), especially between April 21 and May 1, where daily net inflows crossed the $2 billion mark on several occasions, may have encouraged larger players to accumulate and withdraw Bitcoin in anticipation of further price appreciation. Exchange Reserve Trends Offer Signals Amid Price Consolidation Though Bitcoin’s price has remained largely stagnant over the past week, the shift in exchange reserve data could carry significant implications for future price action. Historically, a decrease in exchange reserves, particularly from major venues like Binance, has been associated with supply tightening. As fewer coins are readily available for sale, reduced liquidity can amplify the impact of incoming demand, especially in bullish phases. Taha emphasized that while short-term market performance may appear indecisive, tracking reserve metrics offers important clues about underlying sentiment. Related Reading: Bitcoin Price Trading Within Dense Supply Cluster — What Lies Beyond $100K? A consistent drawdown of BTC from exchange platforms often sets the stage for renewed price movement, especially when accompanied by institutional accumulation and long-term holding behavior. If these patterns persist, they may contribute to reduced sell-side pressure, enabling Bitcoin to challenge its next resistance zones, including the psychological $100,000 level. Featured image created with DALL-E, Chart from TradingView
Ethereum continues its recovery phase, with the asset now trading above $1,800 after gaining approximately 15.3% over the past two weeks. Despite concerns from investors and a drop in public enthusiasm, ETH seems to have shown resilience.. The asset’s latest movement reflects renewed buying interest, and some on-chain indicators are pointing to potentially bullish momentum ahead. One of those indicators involves the supply of ETH on exchanges. Related Reading: Whales Sell 262,000 Ethereum Amid Recent Price Surge – Smart Exit Or Profit-Taking? Declining Exchange Supply Signals Reduced Selling Pressure A recent analysis by Amr Taha, a contributor to CryptoQuant’s QuickTake platform, points to a significant decline in Ethereum’s Exchange Supply Ratio on Binance — a metric that tracks the amount of ETH held on the platform relative to its circulating supply. According to Taha, this ratio has now reached a multi-week low, signaling that more Ethereum is being pulled off Binance, potentially to cold storage or decentralized finance (DeFi) protocols. Taha explains that this decline in the exchange supply ratio historically indicates reduced sell-side pressure, as users often withdraw assets when they plan to hold or deploy them in alternative protocols rather than sell. The development is particularly notable on Binance, which remains the largest crypto exchange by volume and liquidity. As such, changes in its ETH reserves can often reflect broader market sentiment shifts. To illustrate this trend, Taha points to a similar case in April, when a sharp reduction in ETH’s exchange supply on Binance was followed by a price rally from below $1,700 to roughly $1,950, a 14% move within days. The analyst suggests the current pattern may be setting the stage for a similar development, especially given what’s happening on the derivatives side of the market. Ethereum Short Squeeze Setup Emerges Around $1,900–$2,000 Heatmaps tracking liquidations indicate the presence of a growing cluster of short positions between $1,900 and $2,000. According to Taha, this layer of aggressive short interest creates a zone of potential upward price movement if those positions are forced to close in a short squeeze. Particularly, if ETH climbs into that range, the resulting liquidations could amplify upward momentum. In this scenario, the cost to move ETH’s price higher decreases as the available supply on exchanges continues to decline. Related Reading: Ethereum Price Nears Launch Point — Can It Break Free This Time? Taha notes that the combination of falling exchange balances and rising short interest creates favorable conditions for what he describes as a “liquidity hunt” — a situation where price is pushed to trigger liquidations and capitalize on trapped positions. With ETH’s current price momentum and the reduction in sell-side resistance, the $1,900 to $2,000 range is increasingly becoming a focal point. Featured image created with DALL-E, Chart from TradingView
Bitcoin is inching closer to the $100,000 milestone, continuing a steady upward trend that has characterized its recent market behavior. As of the time of writing, the asset is trading at approximately $96,091, marking a 3.6% increase over the past week. This sustained climb follows a correction seen in early April and suggests that the broader market remains engaged, with momentum gradually building. As price action intensifies, analysts are increasingly focused on the indicators shaping short- to mid-term expectations. Among them is CryptoQuant contributor Axel Adler Jr., who recently shared new data indicating that Bitcoin’s on-chain momentum has entered what he calls the “start” rally zone, with a momentum ratio of approximately 0.8. This threshold is considered critical in assessing whether Bitcoin is likely to push higher or enter a period of consolidation. Related Reading: Bitcoin Sentiment Nearly Back To Neutral—Green Sign For Rally? Three Scenarios Shaping the Road Ahead In a QuickTake post titled “Bitcoin is warming up – 3 scenarios that could shape the next rally,” Adler outlined a set of possibilities based on current network data and previous cycle patterns. He describes an “optimistic” case where the momentum ratio climbs above 1.0 and holds, indicating a potential rally toward the $150,000–$175,000 range. This scenario mirrors historical breakout phases observed in 2017 and 2021, where a decisive break in key metrics sparked extended bullish runs. The “base case,” as Adler frames it, assumes that the momentum ratio stabilizes between 0.8 and 1.0, keeping Bitcoin in a broad trading range between $90,000 and $110,000. In this instance, market participants hold their positions but remain cautious about increasing exposure. A more conservative view, the “pessimistic” scenario, would be triggered if the ratio drops toward 0.75. This would suggest that short-term holders may begin taking profits, potentially leading to a correction in the $70,000–$85,000 zone. Adler emphasized, however, that with a recent correction already priced in, the optimistic and base case outcomes appear more plausible at present. Bitcoin Short-Term Holder Activity Signals Accumulation A separate analysis from CryptoQuant analyst Crypto Dan suggests further support for a bullish outlook. Dan notes that Bitcoin’s current structure bears similarities to past accumulation phases observed earlier in 2024. He highlights that in both January and October, rising activity from short-term holders—those who keep their coins for between one day and one week—preceded significant rallies. This behavioral trend has returned in recent days, which, according to Dan, often signals that the market is positioning for a larger move. Related Reading: Traders Rush Into Bitcoin Options as Implied Volatility Drops, Is a Big Move Coming? These patterns have historically emerged just before major surges not only in Bitcoin but also in the altcoin space. If current activity mirrors past cycles, Bitcoin may be preparing to surpass the $100,000 mark and transition into a renewed uptrend. Featured image created with DALL-E, Chart from TradingView
According to a recent CryptoQuant Quicktake post, Bitcoin (BTC) could be preparing for its next major move. Contributor Crypto Dan highlighted that BTC is currently forming an accumulation pattern similar to those observed in 2024 – patterns that were followed by significant rallies. Bitcoin Showing Signs Of Big Rally Bitcoin has surged over 13% in the past week, signaling renewed optimism in the digital assets market. This momentum comes amid easing global tariff-related tensions, which had previously created headwinds for risk-on assets. Alongside Bitcoin’s rise, the total cryptocurrency market capitalization has increased substantially – from approximately $2.5 trillion on April 8 to over $3.1 trillion at the time of writing. Related Reading: Bitcoin Surpasses Realized Price Of Recent Buyers — Rally Incoming Or Double Top? Adding to the positive sentiment is BTC’s evolving technical structure. In a recent analysis, CryptoQuant contributor outlined how BTC is forming an accumulation pattern that preceded major price rallies in 2024. The contributor shared the following chart, stating that BTC’s current movement appears to be mirroring that from January and October 2024. On both the instances, BTC entered a significant uptrend that was powered by a sharp increase in the activity of short-term holders. By “short-term holders,” the analyst refers to investors who typically hold BTC for one day to one week. In previous cycles, a sudden increase in activity from this group was followed by strong rallies – not only in BTC, but also across major altcoins. The analyst explained: Notably, this indicator has historically moved ahead of major price surges, making it a reliable signal of accumulation. If this trend continues in the short term, Bitcoin may be on track to break above $100K and enter a strong upward phase. Meanwhile, prominent crypto analyst Ali Martinez identified $97,530 as the next major resistance level. Martinez emphasized that surpassing this price point could clear the path for Bitcoin to reach new all-time highs (ATH). Despite The Momentum, Concerns Persist Despite growing optimism, not all indicators support an immediate breakout. Some analysts caution that Bitcoin still faces obstacles. Notably, the 30-day Demand Momentum remains in negative territory – suggesting that recent bullish sentiment may not be fully sustainable yet. Related Reading: Bitcoin Battles Key Resistance Level – Is A Breakdown Imminent? Additionally, on-chain metrics reveal that a truly parabolic move could take more time. CryptoQuant contributor Carmelo Aleman observed that while BTC reserves on exchanges continue to decline, indicating long-term holder confidence, there may not yet be enough pressure to trigger a full-blown supply shock. That said, one positive signal is a recent sharp rebound in Bitcoin’s Apparent Demand, which could indicate the early stages of a trend reversal. As of press time, Bitcoin is trading at $96,370, up 1.9% over the last 24 hours. Featured image from Unsplash, charts from CryptoQuant, X, and Tradingview.com
As the broader crypto asset market takes a breather following its recent rally beyond a $3 trillion market capitalization, traders are increasingly seeking leverage through options contracts on Bitcoin and Ethereum. This surge in derivatives activity comes as both BTC and ETH prices consolidate in a narrow trading range, with Bitcoin holding between $94,000 and $95,000 during the same period. Related Reading: Bitcoin To Explode To $210,000 This Year, Says Quant Powerhouse Presto The tight price action is reflected in falling implied volatility (IV) levels. Bitcoin’s 7-day IV dropped from 53% to 38% midweek, while the 30-day IV declined to 43%, down from 50%. Ethereum’s volatility metrics mirrored the trend, with 7-day and 30-day IV retreating from 74% to 61% and 69% to 63%, respectively. This declining volatility is creating what some analysts describe as a low-cost environment for leverage, prompting traders to take advantage of options pricing dynamics. Options Traders Favor Bullish Exposure Despite Diverging Sentiment Dr. Sean Dawson, head of research at Derive.xyz, noted a strong bias toward bullish positioning among options traders on the platform. Dawson said: A staggering 73% of all BTC options premiums are being used to buy calls, with Ethereum seeing an even higher percentage at 81.8%. According to Dawson, calls are outpacing puts by a 3:1 ratio for Bitcoin and 4:1 for Ethereum on Derive. However, he cautioned that Derive activity may not fully reflect sentiment across the broader market. Options data from Deribit, a major crypto derivatives exchange, indicated a more balanced positioning, with normalized delta skew suggesting mixed sentiment. While Derive users appear to be positioning for upward price movement, other venues reflect more hedged strategies. Still, Dawson maintained that in the absence of any major shocks, BTC and ETH could remain near current levels through the end of May. Dawson wrote: In terms of price predictions, the outlook for BTC remains stable, but the likelihood of a downside is becoming more bullish. The chance of BTC settling above $110K by May 30 remains at 11%, while the likelihood of BTC dropping below $80K has decreased from 11% to 8%. For ETH, the chance of it settling above $2,300 by May 30 remains at 9%, with the chance of it falling below $1,600 has dropped from 24% to 21% in the last 24 hours. Bitcoin On-Chain Data Shows Strengthening Fundamentals In parallel to the derivatives market activity, on-chain indicators suggest strengthening investor confidence. A CryptoQuant analyst known as Yonsei Dent highlighted renewed momentum in Bitcoin’s Market Value to Realized Value (MVRV) ratio. As Bitcoin’s price recovered to $94,000, the MVRV ratio rose to 2.12, nearing its 365-day moving average of 2.15. According to Dent, this implies that holders are currently sitting on an average unrealized gain of approximately 112%, a level that has historically aligned with strong market positioning. Dent added that if the 30-day moving average of the MVRV crosses above the 365-day trend in what is known as a “golden cross,” it could act as a confirmation of resuming bullish momentum. Related Reading: Bitcoin Battles Key Resistance Level – Is A Breakdown Imminent? Such patterns have preceded significant rallies in previous cycles. However, Dent also emphasized the importance of continued observation of the MVRV trajectory to evaluate the sustainability of the trend. Featured image created with DALL-E, Chart from TradingView
Bitcoin continues its gradual recovery, currently trading above the $94,000 level at the time of writing. This upward trend follows a recent correction that pushed prices down earlier this month. Despite the recent gains, Bitcoin remains about 12.7% below its all-time high set in January. While investors monitor price resistance levels around the psychological $100,000 mark, on-chain metrics are beginning to show significant changes in market behavior that may influence short- and mid-term sentiment. A key development recently highlighted is the rising proportion of the Bitcoin supply that is currently in profit. As the market edges closer to historic euphoria thresholds, some analysts suggest that while this trend may support continued bullish movement, it could also introduce volatility as market participants assess when to lock in gains. The shift in profitability levels is also being evaluated alongside other indicators such as leverage and RSI behavior, which are offering mixed signals. Related Reading: Bitcoin Whales Back In ‘Full Force’ For The Rally, Glassnode Reveals Bitcoin Supply in Profit Nears Euphoria Levels CryptoQuant analyst Darkfost shared a recent outlook on Bitcoin’s on-chain dynamics, emphasizing the behavior of the “supply in profit” metric. According to the analyst, the supply in profit, meaning the percentage of Bitcoin in circulation currently valued higher than its purchase price, has climbed back above 85%. This metric fell to around 75% during the last correction but has now recovered in line with the recent price rebound. Historically, supply in profit levels above 90% have coincided with euphoric phases in past market cycles. While this level has yet to be reached in the current cycle, the upward trajectory suggests it may be approaching. Darkfost noted that such phases often trigger accelerated price rallies, but also tend to precede short- to mid-term pullbacks. The analyst emphasized how far sentiment has shifted from recent lows: It’s also worth noting that during past cycles, the lowest supply in profit levels were around 45–50%, which corresponded to deep bear market conditions. Notably, in this context, monitoring this metric may be important for anticipating potential trend reversals or periods of elevated volatility. Leverage Ratio and RSI Indicate Reduced Market Aggression In a separate post, another CryptoQuant analyst, Crypto Lion, addressed the behavior of the leverage ratio in combination with relative strength index (RSI) data. The analyst referenced a custom metric developed by CryptoQuant that multiplies RSI by an open interest-to-reserve ratio. This approach is designed to assess speculative positioning across the market. Related Reading: Bitcoin Trades At 40% Discount As ‘Triple Put’ Unfolds: Hedge Fund Founder Crypto Lion observed that RSI swings are currently higher than they were during the 2021 summer period, though leverage dynamics suggest that the market is not currently as overheated. According to the post, the market appears to be slowly decoupling from aggressive leverage, potentially signaling a shift toward more organic spot-driven movement. The analyst concluded: I am concerned about what will happen after the next high, whether the original indicator was declining or not, which is not surprising. Featured image created with DALL-E, Chart from TradingView
Bitcoin’s price has rebounded strongly over the past week, recovering from a low of $74,000 earlier this month to now trade above the $95,000 mark. This upward movement represents a 12% gain in the past seven days, signaling a potential shift in short-term market sentiment following a multi-week period of correction and volatility. Despite this upward trajectory, some underlying metrics suggest that investors remain cautious, especially within the derivatives market. Related Reading: Technical Indicators Suggest Bitcoin May Reach $120,000 In Q2, Says Standard Chartered Bitcoin Negative Funding Rates Return Amid Price Rally A CryptoQuant analyst known as ShayanBTC has pointed to a developing divergence between price action and funding rates, particularly on perpetual futures contracts. Funding rates serve as a measure of trader sentiment, showing whether long or short positions dominate. While the price of Bitcoin has climbed, Shayan revealed that recent funding rate behavior suggests that many participants are hedging against potential downside risks or actively reducing exposure at these levels. The divergence raises questions about whether the current rally will sustain or if a short-term retracement is likely before further continuation. Shayan highlighted that Bitcoin’s funding rates have turned negative again, even as the price pushed toward $95,000. This dynamic mirrors a trend observed during the prolonged correction between March and October 2024, when funding rates remained negative during intermittent rallies. Negative funding rates typically indicate a dominance of short positions or hedging behavior among traders in the derivatives market. The analyst suggests that this renewed divergence may reflect a lack of conviction in the rally, with participants preparing for a possible reversal at key resistance levels. Shayan also noted that the current structure shows similarities to previous periods where the market saw a temporary pullback before resuming upward movement. In this context, traders might be reducing risk exposure or engaging in distribution strategies by selling into strength. The presence of cautious positioning at a time of rising prices often signals market imbalance that could trigger a short-term correction. STH-Realized Price and Structural Considerations Meanwhile, BTC’s Short-Term Holder Realized Price (STH-RP) is also a metric worth assessing Bitcoin’s macro trend. The STH-RP reflects the average cost basis of coins held by recent market participants. Related Reading: Record-Breaking Week: Bitcoin Climbs Over $95,000 Amidst $3 Billion ETF Inflows According to on-chain data, sustainable bull markets often maintain price levels above the STH-RP. At present, Bitcoin remains near this threshold, and its ability to hold or break above it could shape near-term momentum. The analysis from Shayan concludes that while a pullback may occur in the short term, the retracements due to the divergence between rising prices and falling funding rates could strengthen the overall market structure if they result in healthier accumulation and shake out weak hands. Featured image created with DALL-E, Chart from TradingView