CryptoQuant Quicktake

If you want to know why Open Interest and Apparent Demand are displayed using candlesticks, I recommend reading the following:

• In this dashboard, I show how the market can be analyzed using the same visual tool (candlesticks) across different areas: price action, derivatives, and on-chain data, thereby unifying the analytical framework. It also includes the history of indicators, their different forms of use, and reference links for further exploration.

• First and foremost, candlesticks are a visual tool for organizing time series data into OHLC format (Open, High, Low, and Close) across different timeframes.

• Under this definition, their application is not limited to price. They can also be used to represent other time series, including on-chain and derivatives metrics.

• It is worth noting that candlesticks applied to on-chain data enable different types of analysis, not just trading analysis. They make it possible to better analyze the effects of technical events on the network, shifts in confidence in exchanges or protocols, etc.

• Check the link below ↓

https://cryptoquant.com/community/dashboard/69706233a662164c84864d2c?e=d_0

Written by _OnChain

If you want to know why Net Unrealized Profit/Loss (NUPL) is displayed using candlesticks, I recommend reading the following:

• In this dashboard, I show how the market can be analyzed using the same visual tool (candlesticks) across different areas: price action, derivatives, and on-chain data, thereby unifying the analytical framework. It also includes the history of indicators, their different forms of use, and reference links for further exploration.

• First and foremost, candlesticks are a visual tool for organizing time series data into OHLC format (Open, High, Low, and Close) across different timeframes.

• Under this definition, their application is not limited to price. They can also be used to represent other time series, including on-chain and derivatives metrics.

• It is worth noting that candlesticks applied to on-chain data enable different types of analysis, not just trading analysis. They make it possible to better analyze the effects of technical events on the network, shifts in confidence in exchanges or protocols, etc.

• Check the link below ↓

https://cryptoquant.com/community/dashboard/69706233a662164c84864d2c?e=d_0

Written by _OnChain

If you want to know why Net Unrealized Profit/Loss (NUPL) is displayed using candlesticks, I recommend reading the following:

• In this dashboard, I show how the market can be analyzed using the same visual tool (candlesticks) across different areas: price action, derivatives, and on-chain data, thereby unifying the analytical framework. It also includes the history of indicators, their different forms of use, and reference links for further exploration.

• First and foremost, candlesticks are a visual tool for organizing time series data into OHLC format (Open, High, Low, and Close) across different timeframes.

• Under this definition, their application is not limited to price. They can also be used to represent other time series, including on-chain and derivatives metrics.

• It is worth noting that candlesticks applied to on-chain data enable different types of analysis, not just trading analysis. They make it possible to better analyze the effects of technical events on the network, shifts in confidence in exchanges or protocols, etc.

• Check the link below ↓

https://cryptoquant.com/community/dashboard/69706233a662164c84864d2c?e=d_0

Written by _OnChain

Supply acquired in late 2025 has now surpassed 155-day maturity, transitioning into the LTH category.

This indicates high volume of coins purchased during recent accumulation phases is no longer being actively traded on exchanges.

Historically, the shift from STH dominance 🟥 to LTH dominance 🟩 identifies transition from periods of high turnover and speculation to periods institutional and long-term holding.

Current data reflects a market environment where conviction-based holding is eclipsing speculative trading.

BTC purchased since December 2025 is being held and accumulated for long term.

Written by G a a h

The Bitcoin Derivatives Market Pressure Index has experienced a sharp decline, currently reaching the 25–26% range, while BTC price is trading around $70.5K.

This movement provides a clearer view of current market conditions.

The index measures the pressure generated by leveraged activity in derivatives markets. High values typically reflect an environment dominated by aggressive speculative positioning, while sharp declines indicate liquidation events and position closures.

In this case, the drop is not only significant but also places the index near its lower historical range, suggesting a deep deleveraging process.

The key lies in the recent divergence:

• Price has recovered from recent lows (~$67K → ~$70K)

• Meanwhile, the Pressure Index has dropped toward ~25%

This combination indicates that the price recovery is not being driven by derivatives, but rather occurring in a low speculative pressure environment.

From a structural perspective, this is highly relevant.

Current levels are within a range historically associated with high bearish sentiment and reduced speculative activity, which typically lowers the probability of cascading liquidations.

Additionally, this type of setup often appears in phases where the market:

• Has already removed a significant portion of excess risk

• Reduces structural fragility

• Begins to build a more stable foundation

Conclusion:

Bitcoin is not being driven higher by derivatives in its recent recovery. Instead, the market is undergoing a deep deleveraging phase, with speculative pressure at relatively low levels. This environment tends to be more stable and less prone to forced moves, favoring consolidation or structural rebuilding phases.

Written by Carmelo_Alemán

Circle (CRCL) dropped about 18% today, wiping roughly $4.6B from its market cap. The trigger was a draft update to the CLARITY Act that may ban yield on stablecoins like USDC.

This is more than a price reaction. It signals a deeper shift in what stablecoins are becoming.

Historically, stablecoins functioned both as digital dollars and yield-generating assets. That model is now being challenged. The CLARITY framework is moving toward restricting passive yield while allowing only activity-based rewards, effectively redefining their role.

At its core, this is a competition for capital. Banks fear deposit outflows, while crypto platforms rely on incentives to retain liquidity. Regulation is not just limiting products—it is reshaping market structure.

Importantly, capital will not disappear. It will move. Yield demand is likely to migrate toward DeFi, tokenized Treasuries, or offshore markets—just as money once flowed into money market funds when deposit rates were capped.

Meanwhile, stablecoins may become even more important. Without yield, their value proposition shifts to utility: payments, settlement, collateral, and liquidity. They evolve from financial products into infrastructure.

This transition is already visible on-chain. Stablecoin active addresses are at all-time highs, indicating growing real usage. If regulation brings clarity, this adoption could accelerate further. Rising activity suggests capital is not idle—it is being used.

We are not witnessing a collapse, but a transformation.

Written by XWIN Research Japan

With Bitcoin priced at $69,234.74, bulls are seeking to consolidate the range between $65,000 and $70,000 as the new structural floor. After the current cycle bottom was established at $60,000 (on Feb 06, 2026), the market is now testing the resilience of this new support level. Given this scenario, should investors base their decisions solely on nominal price? Decisively, no. This is where the importance of Capitalization Models lies. When properly analyzed, they mitigate the noise of market manipulations, revealing the true proximity of the Favorable Asymmetry zone (institutional accumulation).

NOMINAL PRICE

Nominal price is heavily influenced by current supply and demand dynamics (including leverage) and can fluctuate very rapidly. In periods of extreme volatility, market price can be misleading due to market manipulation and speculative trading.

CAPITALIZATION MODELS AND FAVORABLE ASYMMETRY

In the event that Bitcoin violates the $60,000 support, a simultaneous convergence of the metrics pointed out by the following Capitalization Models — such as MVRV below 1, NUPL below -0.2, and the Puell Multiple at 0.35 — would configure a highly favorable informational and financial asymmetry. From a probabilistic perspective, this on-chain confluence would quantify the peak of retail panic and the exact threshold where the asset's structural devaluation risk becomes drastically lower than the probability of long-term return.

CONCLUSION

In short, nominal price is noise. True intelligence resides in Capitalization Models, which shield the investor against panic. In the institutional chess game, structural value is the only definitive compass for transforming volatility into real profit.

Written by GugaOnChain

Supply acquired in late 2025 has now surpassed 155-day maturity, transitioning into the LTH category.

This indicates high volume of coins purchased during recent accumulation phases is no longer being actively traded on exchanges.

Historically, the shift from STH dominance (red zones) to LTH dominance (green zones) identifies transition from periods of high turnover and speculation to periods institutional and long-term holding.

Current data reflects a market environment where conviction-based holding is eclipsing speculative trading.

BTC purchased since December 2025 is being held and accumulated for long term.

Written by G a a h

Data from the ETH 2.0 Staking Rate indicator shows that the staking ratio has surged to approximately 31.4%, an all-time high, reflecting the continued lock-up of significant amounts of Ethereum outside of active tradingThis coincides with the circulating Ethereum supply on Binance declining to its lowest level since 2020. This increase corresponds with roughly 38.31 million ETH being locked in staking, marking the highest level ever recorded and highlighting the growing portion of supply removed from the liquid market. As a result,, nearly a third of the total ETH supply is no longer available for immediate sale, significantly tightening market liquidity. reinforcing the trend of investors shifting toward long-term holding and staking, and further reducing the supply available for immediate sale.

Simultaneously, data shows that the Ethereum supply on exchanges has dropped to its lowest level since 2016, a major development indicating a substantial decrease in the number of coins available for sale. When the circulating supply falls to such historic lows, the market becomes more sensitive to any increase in demand, as even limited buying inflows can lead to sharp price movements due to reduced liquidity.

This reflects a structural shift in the Ethereum market. As investors move from short-term trading to long-term holding and staking, selling pressure declines and the likelihood of a supply shock increases.

Written by Arab Chain

Bitcoin reserve are dropping once more across major exchanges, pointing to a renewed contraction in readily available sell side supply.

From feb 24 to March 14, Bitfinex bitcoin reserves have declined from 437k to 404k , marking a net drop of 33k bitcoin.

Over the same period, Binance reserves fell from 674k to 644k , a net decline of 30K bitcoin.

Gemini also recorded a notable drawdown, falling from 111K on February 6 to 97K on March 14, for a net decrease of 14K bitcoin.

In total, these three exchanges have seen a combined reserve contraction of 77K bitcoin.

This is notable because a similar pattern appeared before.

on Bitfinex reserves fell from 415k on April 9, 2025 to 398k by April 23, a net drop of 17k bitcoin.

On Binance, reserves declined from 600K on April 14, 2025 to 543K by July 10, for a net outflow of 57k bitcoin.

Together, that amounted to 74k bitcoin leaving the two exchanges.

During that earlier period, Bitcoin climbed from around $84K to $118K by July 12, 2025.

The current drawdown across Bitfinex, Binance, and Gemini is now even larger in absolute terms than that earlier Bitfinex, Binance contraction.

This suggests that BTC is once again leaving major exchanges at scale, reducing the amount of supply readily available for sale.

Historically, when reserve declines expand across multiple venues, the market often moves into a stronger supply backdrop.

In simple terms, less BTC on exchanges can mean less immediate sell pressure and that is a condition worth watching closely again.

Written by Amr Taha

$813M in liquidations across two days. $282M in longs wiped on March 22. $531M in shorts destroyed on March 23.

The ratio flipped from 6.7:1 long-heavy to 12.4:1 short-heavy in 24 hours.

📊 What Happened

Saturday, March 22: Trump issued a 48-hour ultimatum to Iran over the Strait of Hormuz. Markets flinched. Bitcoin dropped below $69K and triggered a long squeeze. 3,192 BTC in long liquidations, roughly $282M. Ratio: 6.7:1 longs versus shorts. Leveraged bulls got punished.

Sunday, March 23: Trump announced a five-day pause on strikes against Iranian energy infrastructure. Bitcoin ripped above $71K. 7,588 BTC in short liquidations, roughly $531M. Ratio inverted to 12.4:1 shorts versus longs. Bears who piled in after Saturday's fear got destroyed even harder.

Two days. Two opposite headlines. Same result: leveraged conviction wiped.

🔍 Why Bilateral Matters

Single-sided liquidation events are common. The market flushes one side, absorbs the liquidity, and moves on. Bilateral cascades are different. They signal a market caught between geopolitical whiplash, reacting to headlines faster than positioning can adjust.

This pattern tends to appear during inflection zones. Late 2022 saw multiple bilateral flushes before the bottom confirmed. March 2020 had the same signature. The market doesn't pick a side during these events. It clears the board.

⏳ What This Doesn't Tell You

Direction. Bilateral liquidation events reset leverage but they don't resolve structure. The Iran situation remains fluid. Trump called talks "positive" while Iranian media denied any contact. That contradiction alone means more volatility ahead.

What the data does confirm: open interest was overextended, positioning was crowded, and the market needed a reset.

Current setup: $813M cleared in 48 hours, leverage punished in both directions, geopolitical catalyst still unresolved.

When the market hunts both sides in two days, it's not confused. It's cleaning house.

Written by RugaResearch

Data from the Binance: XRP Realized Volatility (30D) indicator shows that volatility has reached its lowest level since the beginning of 2026, suggesting a period of relative market calm that may precede a significant price move.

According to the latest data, XRP is priced at approximately $1.4323, while the 30-day Realized Volatility (RV 30D) stands at around 0.5266, marking a relatively low level compared to earlier periods in 2026, when volatility was significantly higher during previous price surges. Meanwhile, the Volatility Z-Score recorded a negative reading of -0.9048, reflecting a clear decline in volatility compared to the historical average.

The current drop in volatility suggests that the market is entering a quiet consolidation phase, where price movements remain confined within a narrow range. This type of volatility contraction is commonly referred to as volatility compression, a phase that often precedes a sharp price movement in either direction.

It is also noteworthy that the price has stabilized near the $1.43 level despite declining volatility, indicating a balance between supply and demand. As volatility continues to hover around 0.52, the probability of a strong market move in the near term increases—particularly if the Volatility Z-Score begins shifting back into positive territory.

Overall, the decline in volatility to its lowest level since early 2026 suggests that XRP may be approaching a decisive move, as periods of compressed volatility are historically followed by heightened market activity and stronger price trends.

Written by Arab Chain

They briefly fell into a loss state due to the recent $BTC drop. However, they quickly returned to a profit state.

Historically, the point at which they transitioned from a loss state to a profit state marked the beginning of a major bull market.

And that signal appeared once again.

Written by CW8900

Today’s takeaway

3 days of exchange outflows, 8 days of OI decline, and funding turning positive suggest short-term deleveraging may be ending, but confirmation is needed.

Key points

Exchange netflow on 2026-03-24 was -1,165 BTC, marking 3 consecutive outflow days after -7,810 BTC (3/23) and -8,428 BTC (3/22). A major outflow of -18,933 BTC occurred on 3/16. Outflows dominate recent data, though size is decreasing, implying easing sell pressure. Whale movement to OTC or cold wallets remains unconfirmed.

OI is $21.51B, down 7.8% from the 3/16 peak ($23.33B), with 8 straight days of decline. This reflects gradual deleveraging rather than forced liquidations. Entering new longs before an OI bottom forms remains risky.

Funding rate is +0.0044%, turning positive after a week of negative values (low: -0.0114%). This suggests short dominance is fading and normalization is underway, though still far from overheated levels.

View

The market is in a phase of resolving uncertainty rather than forming a clear trend. Exchange outflows suggest accumulation, but combined with falling OI, they may also reflect weak demand. The key is whether funding stays positive and strengthens.

The 3/16 outflow aligned with the OI peak, indicating flows were reactive rather than leading price.

This is a post-cooling phase. Watch if OI stabilizes and rebounds, and whether funding sustains above +0.01%. If funding rises without OI recovery, it likely signals noise.

Probabilities

Stabilization: 55–60%

Further downside: 20–25%

Sideways: 15–25%

Summary

Outflows continue, OI is falling, and funding has turned positive.

Deleveraging may be nearing completion, but trend confirmation is still required.

Checkpoints

Netflow direction, OI support near $21.5B, funding trend, and potential return of large inflows.

Written by CoinNiel

Today’s takeaway

3 days of exchange outflows, 8 days of OI decline, and funding turning positive suggest short-term deleveraging may be ending, but confirmation is needed.

Key points

Exchange netflow on 2026-03-24 was -1,165 BTC, marking 3 consecutive outflow days after -7,810 BTC (3/23) and -8,428 BTC (3/22). A major outflow of -18,933 BTC occurred on 3/16. Outflows dominate recent data, though size is decreasing, implying easing sell pressure. Whale movement to OTC or cold wallets remains unconfirmed.

OI is $21.51B, down 7.8% from the 3/16 peak ($23.33B), with 8 straight days of decline. This reflects gradual deleveraging rather than forced liquidations. Entering new longs before an OI bottom forms remains risky.

Funding rate is +0.0044%, turning positive after a week of negative values (low: -0.0114%). This suggests short dominance is fading and normalization is underway, though still far from overheated levels.

View

The market is in a phase of resolving uncertainty rather than forming a clear trend. Exchange outflows suggest accumulation, but combined with falling OI, they may also reflect weak demand. The key is whether funding stays positive and strengthens.

The 3/16 outflow aligned with the OI peak, indicating flows were reactive rather than leading price.

This is a post-cooling phase. Watch if OI stabilizes and rebounds, and whether funding sustains above +0.01%. If funding rises without OI recovery, it likely signals noise.

Probabilities

Stabilization: 55–60%

Further downside: 20–25%

Sideways: 15–25%

Summary

Outflows continue, OI is falling, and funding has turned positive.

Deleveraging may be nearing completion, but trend confirmation is still required.

Checkpoints

Netflow direction, OI support near $21.5B, funding trend, and potential return of large inflows.

Written by CoinNiel

Today’s takeaway

3 days of exchange outflows, 8 days of OI decline, and funding turning positive suggest short-term deleveraging may be ending, but confirmation is needed.

Key points

Exchange netflow on 2026-03-24 was -1,165 BTC, marking 3 consecutive outflow days after -7,810 BTC (3/23) and -8,428 BTC (3/22). A major outflow of -18,933 BTC occurred on 3/16. Outflows dominate recent data, though size is decreasing, implying easing sell pressure. Whale movement to OTC or cold wallets remains unconfirmed.

OI is $21.51B, down 7.8% from the 3/16 peak ($23.33B), with 8 straight days of decline. This reflects gradual deleveraging rather than forced liquidations. Entering new longs before an OI bottom forms remains risky.

Funding rate is +0.0044%, turning positive after a week of negative values (low: -0.0114%). This suggests short dominance is fading and normalization is underway, though still far from overheated levels.

View

The market is in a phase of resolving uncertainty rather than forming a clear trend. Exchange outflows suggest accumulation, but combined with falling OI, they may also reflect weak demand. The key is whether funding stays positive and strengthens.

The 3/16 outflow aligned with the OI peak, indicating flows were reactive rather than leading price.

This is a post-cooling phase. Watch if OI stabilizes and rebounds, and whether funding sustains above +0.01%. If funding rises without OI recovery, it likely signals noise.

Probabilities

Stabilization: 55–60%

Further downside: 20–25%

Sideways: 15–25%

Summary

Outflows continue, OI is falling, and funding has turned positive.

Deleveraging may be nearing completion, but trend confirmation is still required.

Checkpoints

Netflow direction, OI support near $21.5B, funding trend, and potential return of large inflows.

Written by CoinNiel

For most assets, when they experience notable price increases, it is mostly a result of spot accumulation. As a result, the exchange reserves decline. Conversely, the first sign of a massive decline is a sharp drop in the reserves.

The same cannot be said for XRP. A closer look at the exchange reserve (Binance) shows that price movement and reserve balance have moved in tandem. When prices surge, the balance rises, and when they fall, reserves move in the same direction.

Comparing the exchange inflow and outflow depicts a twist; before every significant surge, inflow and outflow spike. Interestingly, the influx is always higher. The readings suggest that investors are selling rather than accumulating. So why does the price surge afterward?

Written by APTRekt

Data indicates that the Coinbase Premium Index for Ethereum registered a reading of approximately -0.0149, a clearly negative value. This means that the price on Binance is higher than on Coinbase, reflecting relatively weak demand from U.S. investors compared to stronger activity in global markets.

This shift into negative territory typically indicates selling pressure or a decline in buying appetite within the U.S., while liquidity on Binance appears more active. Although there was an attempted price rebound after the decline, the index’s persistence at -0.0149 suggests that this rally still lacks strong support from Coinbase.

From an analytical perspective, the index remaining below zero at this level could be considered a cautionary signal, especially if the gap between the two platforms persists. However, if the index improves and approaches zero or enters positive territory, it could indicate a return to balance and increased buying flows from U.S. investors, which would further support the upward trend.

Written by Arab Chain

UTXO Age Bands data for 2025–2026 is painting a picture that looks nothing like previous cycles. In both the 2018 and 2021 bear markets, the share of UTXOs held for 6 months or longer collapsed sharply as large-scale distribution took place. This time, even as price pulls back, that long-term holding cohort is not shrinking — it is holding steady or quietly growing.

This is not simply HODLers gritting their teeth through a drawdown. It signals that capital with no intention to sell has entered the market. The classic distribution mechanism is not firing the way it used to.

Since the approval of spot Bitcoin ETFs in January 2024, institutional buying behavior has fundamentally diverged from retail patterns. ETF issuers hold acquired BTC in cold custody structures — their selling triggers are entirely decoupled from short-term price cycles. DAT adoption and National strategic reserve discussions are advancing. Their threshold to sell is categorically different from retail. Furthermore, steady ETF inflows continue each month. The price dips are being absorbed by demand creation rather than amplified by supply overhang.

This cycle is not a confirmed bear market — it is a transitional period between paradigms. The traditional 4-year halving cycle framework is losing its explanatory power, and the cycle itself is being stretched in ways we have not seen before. Downside risks remain real: macro shocks, large-scale ETF redemptions could still produce sharp corrections. But the most dangerous position right now is trying to read a structurally different market through the lens of the past.

In April, Morgan Stanley is set to launch the first bank-issued Bitcoin ETF — with a capacity three times the size of BlackRock's IBIT. On-chain data suggests not the beginning of a down cycle, but the continuation of an up cycle.

Written by ScenarioX

The 7-day standard deviation of BTC short-term holder realized profit/loss pressure to Binance has dropped to 255 on March 24, returning to a level that previously appeared before strong Bitcoin rebounds.

A similar reading of 277 on February 27 was followed by a 14% rise in BTC, from around $66K to above $75K.

Before that, the metric reached 289 on December 26, 2025, after which Bitcoin gained nearly 10%.

This decline in 7-day pressure volatility suggests that short-term holder selling turbulence on Binance is cooling again.

Historically, that kind of compression has coincided with a more constructive backdrop for BTC, as disorderly distribution begins to fade.

Although loss-related flow still slightly exceeds profit-related flow, the broader pressure environment is becoming less unstable.

That may indicate seller exhaustion rather than renewed aggressive distribution.

If the pattern repeats, Bitcoin could be entering another recovery phase.

Written by Amr Taha