Doctor Chain

🔸 In this week's on-chain report, we focus on the $BTC network and analyze the behavior of long-term (LTH) and short-term (STH) holders. Read it here: 👇 📎https://doctorchain.substack.com/p/market-structure-and-bitcoin-holder (ENG) 📎https://doctorchain.substack.com/p/estrutura-de-mercado-e-comportamento (PT/BR) #Bitcoin #BingX

🔸The percentage of $BTC supply last active on-chain at least 1 year ago has hit an 18-month high. It now sits at 63.6% of the circulating supply, equivalent to approximately 12.78M $BTC held for the long term. #Bitcoin #BingX

🔸$BTC miner reserves have dropped to multi-year lows, falling below 1.8M coins. This ongoing liquidation reflects treasury rebalancing, risk hedging, and the funding of post-halving operational costs. #Bitcoin #BingX

🔸US spot $ETH ETF investors have remained in the red for 11 consecutive months. Currently, the average cost basis for these institutional vehicles sits around $3.2k, serving as a key resistance level to watch on the path back to profitability. #Ethereum #BingX

🔸After rejecting the 2023 exchange average withdrawal price ($2,670), $ETH is now testing decisive levels: 🛑 Current supports: $2,480 (2021 cohort) and $2,450 (2022 cohort) 📉 Next level: $2,110 (2020 cohort) #Ethereum #BingX

🔸The amount of $BTC held for at least 155 days (Long-Term Holders) has dropped to its lowest level in 6 months, sitting at around 14.6M $BTC . #Bitcoin #BingX

🔸$BTC testing the spot ETFs average cost basis as support ($82,300). This is a key level to define the short-term trend. #Bitcoin #BingX

🔸In this week's on-chain report, we dive deep into the $BNB network to gauge participant sentiment, evaluate the cost basis, and map institutional liquidity. Discover the full analysis here 👇 📎https://doctorchain.substack.com/p/bnb-from-institutional-custody-to (ENG) 📎https://doctorchain.substack.com/p/bnb-da-custodia-institucional-aos (PT/BR) #BNB #Binance #BingX

BNB+0.25%

🔸 $BTC supply structure: 🔴 Key resistance: $83,000–$85,000 (~1.6M $BTC transacted). 🟢 Main support: $61,000–$63,000 (~1.3M $BTC accumulated). #Bitcoin #BingX

🔸After months dominated by realized losses, the $BTC network reaches its highest peak of net realized profits in 2026. #Bitcoin #BingX

🔸In recent weeks, the number of institutional entities holding a balance of 1,000 $BTC or more reached a 16-month high, totaling 1,414 whales. #Bitcoin #BingX

🔸Two-way volatility was high in the derivatives market: September saw over $10.8B in futures liquidations. Leverage flush out was split almost symmetrically: 🟢 Longs: $5.5B 🔴 Shorts: $5.3B #Bitcoin #BingX

🔸#Stablecoin exchange reserves fell to 14-month lows ($58.2B). Since the all-time high in Nov/2025, the indicator has already dropped nearly $20B, signaling lower immediate purchasing power in the ecosystem. #Bitcoin #Ethereum #Solana #BingX

🔸In this week's on-chain report, we review the month of September and analyze $BTC investor behavior across spot and derivatives exchanges. Read the full analysis 👇 📎https://doctorchain.substack.com/p/monthly-bitcoin-market-analysis-september (ENG) 📎https://doctorchain.substack.com/p/analise-mensal-do-mercado-de-bitcoin (PT/BR)

🔸$ETH spot ETFs added over $3B in net inflows over the last 3 months (~1.3M ETH). Total assets under custody reached 6.6M $ETH . #Ethereum #BingX

🔸With an average acquisition cost around $3,200, $ETH spot ETF investors have been at a loss since November 2025. #Ethereum #BingX

🔸In September, $BTC exchange reserves reached a 22-month high, hitting 3.387M$BTC .
The increase in available exchange liquidity marks a key focal point for short-term supply. #Bitcoin #BingX

🔸For the first time in 2026, $BTC closed its 3rd consecutive month in positive territory, recording a 6.4% gain in September. The monthly dynamic confirms the strength of the market recovery. #Bitcoin #BingX

🔸Over the last 3 months, $BTC spot ETFs showed strong buying pressure, recording net inflows exceeding $6.2B (~80,000 $BTC ).
Institutional demand continues to absorb market supply. #Bitcoin #BingX