CryptoQuant Quicktake

If you want to know why this Realized Price 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

The lowest volume in the chart appears around **September 2023**.

* Others drops below ~100T

* BTC is around ~100B

* ETH falls below ~100B (even into the ~80–90B range)

This period can be described as a point where overall market activity truly dried up.

Currently, BTC is in the ~80–100B range, ETH is around ~170–180B, and Others stand at approximately ~200–250T. This means that BTC is quite close to its historical low levels. ETH is slightly higher but still weak, while total volume, although not at past lows, is clearly in a low regime. In short, the market is not exactly at the bottom, but it is operating near a bottom zone.

In such low volume environments, liquidity weakens and price becomes easier to move. Even small sell orders can push the price down sharply. Rallies lack confidence because they are not supported by volume, increasing the risk of fake rallies. The dominant trend is usually downward, as the absence of strong buyers causes the market to drift lower under its own weight. This is exactly the kind of environment we are experiencing right now.

This level of volume creates a foundation that supports further downside. The fact that this data comes specifically from Binance is particularly important. Binance is the largest liquidity hub in the spot crypto market. If volume declines here, it reflects not just a local issue but a drop in global risk appetite. Since a significant portion of institutional and large investors operate on Binance, declining volume effectively signals a weakening market. Unless whales shift from a passive stance to active buying, the market is likely to continue trending downward.

The most accurate takeaway from this chart is that large investors still consider the market expensive for buying and cheap for selling.

Written by PelinayPA

Leverage is building again in the XRP market on Binance.

The 24-hour Open Interest % Change climbed to 14.8%, marking its highest reading since March 4, when the metric previously peaked near 16%. This sharp increase suggests that traders are returning aggressively to the derivatives market and rebuilding exposure in XRP.

However, liquidation data shows that this positioning remains fragile.

On the XRP Exchange Liquidation Metrics chart, the market recorded three major long liquidation events in a short period:

March 18: above $2.5M

March 21: around $2.45M

March 26: around $2.15M

This combination is important.

Rising open interest usually reflects growing speculative activity, but repeated long liquidation spikes show that bullish positioning is still being punished during volatility. In other words, leverage is returning, but conviction remains unstable.

For now, the data suggests that XRP is attracting fresh derivatives interest, yet the market is still vulnerable to sharp flushes whenever long positioning becomes overcrowded.

Written by Amr Taha

If you want to know why this Realized Price 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 this Realized Price 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

Bitcoin retail activity shows a divergence between transaction volume and its share in overall network activity.

Small transaction volume (0–1K USD) continues to exhibit bursts of activity, with the 30-day average currently near ~$95M, reflecting reactive behavior as participants respond to price movements and volatility.

In contrast, retail share (0–10K USD) rose from mid-2022 into early 2023, before entering a sustained decline and transitioning into a stabilization phase, now holding near ~0.7% of total activity.

This divergence highlights a key dynamic: retail activity remains event-driven and tied to price movements, while its structural role in the market has stopped expanding.

In this context, retail participation is primarily concentrated in short-term reactive flows rather than sustained engagement.

As a result, retail remains active in transaction flows, but without a growing role in overall market structure.

Source: CryptoQuant

Written by Zizcrypto

Bitcoin is not only losing price strength, it is also losing activity across its network.

Active addresses measure how many unique addresses participate in Bitcoin by sending or receiving BTC. They do not exactly represent individual users, but they remain one of the best metrics for evaluating network usage, interaction, and economic traction.

According to the attached chart, the decline became evident on August 8, 2025, when Bitcoin recorded 938,609 active addresses. By March 25, 2026, that figure had dropped to 655,908, representing a 30.12% contraction.

The weakness is not limited to the daily reading. The 7-day moving average fell from 777,283 to 612,972 (-21.14%), while the 30-day moving average declined from 743,714 to 636,314 (-14.44%). This confirms a sustained slowdown in on-chain activity rather than isolated statistical noise.

At the same time, the bear market has continued to deteriorate this metric proportionally. When price declines and active addresses contract as well, the message is clear: the market is not only losing valuation, it is also losing participation. There is less movement, less capital rotation, and weaker evidence of organic demand on-chain.

This matters because a price rebound alone is not enough to confirm a structural recovery. As long as on-chain activity remains weak, any recovery will continue to rest on a more fragile foundation than in genuine expansion phases.

Conclusion: Bitcoin remains a solid network, but it is currently operating with less economic intensity than it was in August 2025. To validate a convincing structural recovery, it will not be enough to see price move higher; network activity will also need to return.

Signed by Carmelo Alemán, Verified On-Chain Analyst at CryptoQuant

📲 Connect with me:

♦️ X: @oro_crypto

♦️ YouTube: OroCryptoCanal

♦️ Email: carmeloaleman@orocrypto.es

Written by Carmelo_Alemán

Data indicates a gradual improvement in the quality of risk-adjusted returns for XRP on Binance, following a period of volatility and weak market momentum in recent months.

According to the data, the 30-day average return is around 0.00063, a slightly positive reading that suggests a gradual improvement in short-term returns. Meanwhile, the Sharpe Ratio stands at approximately 0.0267, reflecting that current returns still exceed risk, albeit within a moderate range rather than a strong one.

Historically, the chart shows that the Sharpe Ratio remained in negative territory or near zero from October to late December, reflecting weak performance and elevated risk relative to returns. With the start of 2026, the indicator began to improve gradually, coinciding with the stabilization of the XRP price after a significant downward trend in early February, when the indicator registered a sharply negative reading.

It is also worth noting that the 30-day average return rose noticeably in March 2026, contributing to the Sharpe Ratio moving into positive territory. This improvement suggests that the market is gradually rebalancing, with returns improving while risk remains relatively stable.

Current values indicate that XRP is experiencing a gradual improvement in risk-adjusted returns on Binance. A continued rise in the Sharpe Ratio could support a more stable bullish scenario, especially if returns increase while risk remains low. However, if the indicator falls back into negative territory, it could signal a return of volatility and weakening momentum.

Written by Arab Chain

Miner selling pressure has declined sharply in recent data, signaling a clear reduction in supply entering the market. This trend often aligns with late-stage capitulation, where forced selling by miners has largely been exhausted. Historically, such conditions tend to coincide with bottom formation phases. However, the current environment differs slightly, as demand remains weak despite the improvement in supply dynamics.

At the same time, hash rate continues to rise, indicating increasing competition across the network. This is particularly notable given the significant deterioration in mining profitability. Hash price is approaching historic lows, while the average cost of production has climbed to around $80,000, leaving a portion of miners operating at a loss.

This divergence suggests that weaker players are being pushed out, while larger, more capitalized miners continue expanding their share. In many cases, mining operations are no longer evaluated solely on Bitcoin profitability, but also on their ability to transition into AI and high-performance computing infrastructure.

Taken together, these signals point to a critical structural shift. In the short term, reduced selling pressure provides a supportive backdrop for price stabilization. Over the medium to long term, the ongoing consolidation of mining power and shrinking supply could create the conditions for a more structurally bullish market.

Written by XWIN Research Japan

With BTC at $68,928, the $70,000 region has turned into an institutional battlefield. We see here an “Institutional Cannibalization”: Tier 2 whales (1k–10k) panicked and are handing over positions to the Supreme Elite via OTC. Retail bleeds and, when it accumulates, it’s only crumbs, while the true transfer of wealth occurs between those who fear the technical cycle and those with infinite cash. It is the capitulation of “Smart Money” to “Smarter Money.”

OTC ABSORPTION (US$ 21 BILLION)

The magnitude is surprising: 85.74% of Bitcoin volume was traded outside exchanges. That’s 298,060 BTC — US$ 21.0077 billion in private liquidity. Mid-sized whales (1k–10k BTC) dumped a significant 17,308.9 BTC, but the impact was neutralized by Tier 1 Elite in private desks, preventing slippage and keeping support near $70k.

CAPITULATION OF GIANTS (LTH SOPR 0.78)

Seeing long-term holders realizing losses indicates peak panic. When those who “endure everything” give up, the bottom is near. This validates the region as cyclical support, shielded by the MVRV Adaptive Z-Score (-1.68). Selling ammunition dried up: in 24h the Inflow Mean CDD fell by 42,900 units, proving that the flow to exchanges has stalled.

BINANCE TRAP

Retail makes the classic mistake of “shorting the bottom.” Binance Funding (-0.004704) shows speculators paying to sell at structural support. With the market cleared of leverage, these shorts become fuel for a violent Short Squeeze.

CONCLUSION

The region between $70k and $65k is sustained by an unprecedented custody transfer. Unless a “Black Swan” drives it toward the Realized Price of $54k, the base scenario points to an imminent supply shock in this region.

Written by GugaOnChain

Derivatives activity rose as crypto prices experienced a relief rally in the third week of March. Open interest in Bitcoin and Ethereum perpetual futures climbed to ~$30B on March 16, the highest since late January, driven by a price rally. Bitcoin OI reached ~$23B, while ETH approached ~$16B.

Binance lead capital inflows. The largest increases in open interest occurred on Binance, with BTC OI rising by $829M and ETH OI by ~$1.6B, indicating strong inflows from traders opening long positions. Other major venues such as Bybit and Gate.io also recorded significant gains.

Activity is concentrated on major exchanges. Heatmap data shows that most open interest growth is concentrated on Binance, followed by Gate and Bybit, highlighting that large, liquid venues disproportionately attract capital during periods of strong price momentum. As prices rise, traders and investors concentrate activity on top-tier exchanges, with Binance and other major platforms acting as primary hubs for capital deployment and leverage expansion in the perpetual futures market.

Written by CQ Research

The capital rotation narrative between gold and Bitcoin has started to be discussed again.

After an exceptional yearly performance in gold, the asset has recently entered a clear correction, pushing it back below its 180-day moving average.

This decline is partly linked to margin calls and position liquidations in the gold market.

On the other side, BTC continues to stabilize and consolidate, but it is still trading below its own 180-day moving average, currently estimated at $89,700.

For now, both assets appear to be following the same trend, which highlights an initial negative signal for capital rotation.

The signal calculation used here is intentionally simple and aims to capture broader trend dynamics :

— Positive: BTC trades above its 180-dma while gold trades below it.

— Negative: Both assets trade below their 180-dma.

This approach helps capture a clear divergence in trend between gold and BTC.

It is a simplified framework to imagine a potential capital rotation, which for now does not appear to be in place or remains too weak to significantly impact the Bitcoin market.

However, this remains an extrapolation, as it is very difficult to state with certainty that capital previously deployed in gold-related positions is now being redirected toward the Bitcoin market.

Written by Darkfost

XRP’s short-term derivatives structure on Binance is starting to shift again, with open interest rising for the first time in a week while order flow turns more defensive.

After a period of mostly declining open interest between March 17 and March 24, Binance open interest has started to move higher.

On its own, that would normally suggest fresh positioning is entering the market. But the broader derivatives picture gives a more cautious signal.

The rise in open interest has come alongside a decline in Binance Perpetual CVD, which suggests that the new positions being added are largely short positions rather than fresh longs.

This matters because falling Perp CVD during an open interest increase usually points to growing bearish conviction in the futures market.

At the same time, Spot CVD has also weakened, indicating that retail investors are selling and not providing enough support to counter the negative shift in derivatives sentiment.

Together, these signals suggest that short-term market positioning has become more defensive.

Liquidation heatmaps reinforce that view.

Most of the visible liquidation clusters remain above the current price, highlighting nearby zones where short squeezes could be triggered if XRP starts pushing higher.

Until then, however, the current structure leans bullish in the short term, with traders appearing more willing to build shorts than longs.

Written by Amr Taha

Analysis of monthly spot trading data for XRP across centralized exchanges indicates a significant decline in market activity in recent months. Total spot trading volume reached only 20.97 billion XRP in the latest reading, marking the lowest level since 2024. This decline reflects reduced liquidity and weaker trader activity compared to previous periods that saw a surge in trading volumes.

In terms of volume distribution, Binance continues to lead the market by a considerable margin, recording approximately 6.65 billion XRP and maintaining its position as the largest liquidity hub in the spot XRP market. Upbit came in second with a trading volume of 4.41 billion XRP, reflecting continued strong demand from South Korea. Coinbase ranked third with a trading volume of 3.43 billion XRP, indicating sustained investor activity in the U.S. market.

These three exchanges alone account for approximately 69% of the total spot trading volume, highlighting the concentration of liquidity across a limited number of major platforms. Conversely, platforms such as Bybit, Gate.io, KuCoin, and Bitget recorded lower trading volumes, reflecting a broader decline in activity across the rest of the market.

A drop in spot trading volume is typically seen as a sign of weakening market momentum and often precedes strong price movements. Therefore, continued trading at levels not seen since 2024 may indicate a consolidation phase or a waiting period before a larger move emerges, especially if liquidity begins to return to major platforms such as Binance, Upbit, and Coinbase.

Written by Arab Chain

Bitcoin is showing renewed signs of supply tightening, as large withdrawals continue across major exchanges while long term holder accumulation accelerates.

A major Bitcoin withdrawal worth $1.57B left Bitfinex on March 16, a move that was already highlighted in my March 19 CQ update.

Since then, the trend has expanded across other major exchanges, with a $678M withdrawal from OKX on March 22, a $728M withdrawal from Kraken on March 23, and another $400M Bitcoin outflow from Binance on March 25.

This pattern suggests that the latest wave of withdrawals is no longer isolated to one platform.

At the same time, LTH Position Change climbed to around 353,000 Bitcoin, its highest reading since April 20, 2025. It also moved well above the previous peak of 227,000 BTC recorded on Feb 2 / 2026.

That combination is important.

When Bitcoin leaves exchanges across several major platforms while long-term holders expand their positions, it usually signals lower immediate sell pressure and stronger conviction from investors with a longer time horizon.

The broader takeaway is that Bitcoin’s sell-side liquidity may be tightening again.

If this trend continues, the market could be entering another phase where reduced exchange balances and stronger long-term holder demand create a more supportive backdrop for price.

Written by Amr Taha

In the chart:

* January → strong rally (~$3.3K)

* Early February → sharp dump (~$1.8K)

* Afterwards → weak recovery (~$2K range)

So the trend is still clearly moving sideways with a weak recovery from lower levels.

Especially in early February, there are very strong outflows (around -150K ETH). Normally, this is considered a bullish signal. However, the price dropped sharply during the same period. This is a very important divergence. The chart breaks the classic textbook scenario. In other words, while the price is expected to rise during exchange outflows, it actually declines.

This indicates a lack of spot demand. Investors are withdrawing ETH from exchanges, reducing selling pressure, but there is no buying interest. In other words, there is HODLing, but no new capital inflow. Structural weakness is emerging. This also shows that there is no real liquidity in the market. Under these conditions, expecting a strong upward move for Ethereum would be a major mistake. Any rallies are likely to remain reactive. The overall direction continues as sideways with a downward bias.

Ethereum generally represents the broader altcoin market. Therefore, it is still too early for an altcoin rally. ETH remains weak, and there is no new liquidity entering the market. There is simply no capital to drive an altcoin surge. Investors are cautious and prefer to stay in cash. Unless ETH breaks above $2.5K with strong volume, I would not expect a sustained rally.

Written by PelinayPA

The Bitcoin Long-Term Holder SOPR (LTH-SOPR) has recently begun to trend below the 1.0 threshold, which may suggest a shift in the current market environment. By excluding movements of coins held for less than 155 days, this metric specifically tracks the behavior of seasoned investors to gauge their realized profitability. While a value above 1.0 generally indicates selling at a profit, the current move below this level could imply that a growing number of long-term participants are realizing losses. Such a trend is often interpreted as a potential sign of market capitulation, as even the most patient holders appear to be reacting to the prevailing price pressure.

Written by nino

Amid a climate of geopolitical tensions and economic and trade difficulties, BTC has recently managed to recover slightly.

The formation of a consolidation phase is still underway, which is typical after a period of rapid and significant devaluation that pushed BTC more than 50% below its last ATH.

However, some investor behaviors appear to have changed, or at least stabilized.

When BTC fell below $60,000, a wave of panic emerged among the youngest investors (STHs), pushing them to send around 100,000 BTC (7-day sum) to Binance at the beginning of February.

This behavior has evolved significantly, as these STH inflows to Binance have now been divided by four.

Today, these inflows have reached their lowest recorded level, at around 25,000 BTC.

This is a rather positive signal, considering that STHs are known to be the most sensitive and least stable group of investors.

This decline brings a degree of market stability and represents a real reduction in selling pressure, something the market greatly appreciates during this particularly challenging period for risk assets.

Written by Darkfost

Bitcoin accumulation by ETFs in 2026 remains negative, although the situation has improved significantly in recent weeks.

This chart compares the net cumulative Bitcoin flows from ETFs across each year.

Compared to the first day of the year, ETFs are currently sitting on a cumulative balance of around −4,000 BTC.

This remains negative, but it represents a clear improvement compared to late February, when 42,000 BTC had left ETFs relative to the level at the start of the year.

This therefore marks a notable improvement, with 38,000 BTC accumulated by ETFs over the past month.

This represents around $2.6B invested over this short period, which is relatively significant.

This segment of Bitcoin demand has largely contributed to the recent positive market evolution, even though Bitcoin remains stuck within its current range.

For the positive momentum in Bitcoin to continue, this trend needs to persist, which could also help improve spot demand as well as exposure in the futures market.

Written by Darkfost

XRP derivatives on Binance continue to cool, with both leverage and open interest moving lower.

Binance’s Estimated Leverage Ratio for XRP has fallen from around 0.59 in mid-July 2025 to 0.13, pointing to a major unwind in leveraged positions.

Meanwhile, Binance open interest in XRP has dropped to nearly $375 million, well below the highs recorded in previous months.

Together, these moves suggest a broader reset in Binance’s XRP derivatives market.

With leverage lower and positioning lighter, the market appears less crowded and less exposed to liquidation-driven swings.

The main takeaway is that speculative pressure has eased significantly. Binance’s XRP derivatives market now looks much less overheated, potentially creating a cleaner setup for its next major move.

Written by Amr Taha