Bitcoin’s On-Chain Metrics Signal Next Major Price Leap – What Could Be Next Stop
In the wake of recent price volatility triggered by a public fight between President Trump and Elon Musk, market participants began questioning the strength of Bitcoin’s current bull cycle. But according to Carmelo Alemán, a Verified On-Chain Analyst at CryptoQuant, the fundamentals remain firmly undamaged – and in reality, look more powerful than ever. Alemán’s latest report indicates a convergence of important on-chain metrics that together form a powerful bullish narrative.
Exchange Reserves Drop: Supply Tightens
Bitcoin reserves on centralized exchanges have decreased sharply. Over the past week, balances dropped from 2,435,613 BTC to 2,365,410 BTC, marking a 2.88% reduction. This trend is significant for 3 reasons: It reduces available supply, reducing sell-side pressure. It signals investor confidence in holding rather than trading. It reflects Bitcoin’s growing appeal as a store of value.
Realized Cap Strikes New All-Time High
Bitcoin’s Recognized Capitalization – which shows the total expense basis of all BTC in circulation – has surged to a new all-time high of $934.88 billion. This increase suggests: Continued buying at higher price levels. Ongoing capital inflow into Bitcoin. Reinforcement of long-term holding behavior.
Netflows Confirm Accumulation Mode
The netflow of BTC on exchanges has remained consistently negative, confirming that more Bitcoin is being withdrawn than deposited. This supports the previous metrics, suggesting that the broader market is in accumulation mode, not distribution.
UTXO Value Bands: A Healthier Hold Base
Alemán also highlights positive trends in UTXO Value Bands, which track Bitcoin held across different wallet sizes and time horizons. Key takeaways: BTC is being held by a diverse set of investors. There’s rising conviction across both retail and institutional holders. Selling pressure is reducing across all value bands.
Despite short-term market noise, Carmelo Alemán concludes that Bitcoin’s on-chain structure is decisively bullish. With diminishing exchange supply, record-breaking realized cap, and strong accumulation patterns, Bitcoin appears primed for its next significant upward leap.
“These patterns are not isolated,” Alemán notes. “Together, they indicate a structural shift where long-term conviction is overtaking short-term speculation.”
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