BTC On-Chain Information (Latest from Glassnode + CryptoQuant)
• Supply and Demand Structure: True Market Mean has broken down to below $79k, **Realized Price** around $54.9k-55k (strong support at historical bear market bottom). Profitable chips 11.1M vs. loss-making chips 8.9M, converging — this signal has appeared at every historical bottom.
• Whale/Exchange Flow: Exchange whale ratio 0.64 (highest since 2015), large holders dominate inflows (average deposit size has returned to mid-2022 levels), but net inflows have decreased from early February peak of 60k/day, panic selling is slowing down. Long-term holders (LTH) are still slightly distributing (daily -245k in February), but the balance of “accumulating addresses” continues to rise (retail +850k, regular wallets 1.27M).
• Network Activity: Active addresses fell 31% to ~536k (new 6-month low), transfer volume/fees compressed, typical “weak hands clearing” phase.
• Others: MVRV Z-Score -2.66 (deep capitulation zone, historically entering accumulation phase); miner difficulty surged 14.73% on February 19th (largest in history), hashrate back to 1ZH/s, selling pressure is weakening.
• Supply and Demand Structure: True Market Mean has broken down to below $79k, **Realized Price** around $54.9k-55k (strong support at historical bear market bottom). Profitable chips 11.1M vs. loss-making chips 8.9M, converging — this signal has appeared at every historical bottom.
• Whale/Exchange Flow: Exchange whale ratio 0.64 (highest since 2015), large holders dominate inflows (average deposit size has returned to mid-2022 levels), but net inflows have decreased from early February peak of 60k/day, panic selling is slowing down. Long-term holders (LTH) are still slightly distributing (daily -245k in February), but the balance of “accumulating addresses” continues to rise (retail +850k, regular wallets 1.27M).
• Network Activity: Active addresses fell 31% to ~536k (new 6-month low), transfer volume/fees compressed, typical “weak hands clearing” phase.
• Others: MVRV Z-Score -2.66 (deep capitulation zone, historically entering accumulation phase); miner difficulty surged 14.73% on February 19th (largest in history), hashrate back to 1ZH/s, selling pressure is weakening.
