Cụm thanh khoản lớn nhất của Bitcoin nằm gần $60k. Đây là các lệnh mua mở gần đáy, và giá chưa kiểm tra các mức vào của chúng kể từ khi tăng mạnh vào tháng 8. Những người mua kiên nhẫn thường tìm cơ hội trong việc bán ép buộc, và một đợt sweep $60k sẽ tạo ra rất nhiều cơ hội.
Stablecoin supply is shrinking fast. Total supply fell $14.2B in 30 days, the fastest contraction since June 2022. A turn back to growth would be the first sign of new money. More on recent buyers, large wallets and bids below price in this week's Week On-chain report
Bitcoin has been grinding down and stablecoin supply is shrinking fast; the fastest contraction since June 2022. Our latest Week On-chain report contains eight more analyses, including cost basis, ETF flows, wallet accumulation and much more.
ETF investors are selling $BTC again. US spot ETFs saw $696M of net outflows on Friday, the largest single day since January. Only two days in the past year saw larger outflows, and both came before price fell further. A return to steady inflows would ease that pressure.
35.4% of all #BTC (7.12M) has a visible public key, the part a future quantum computer could target. 25.8% of supply is exposed due to address reuse, 11.6% on exchanges. Moving those coins to a fresh address ends this exposure. Charts now live in Studio:
Altcoin trading volume has returned to normal levels. Through September, total altcoin volume spiked up to 4x Bitcoin's, marking a period of altcoin froth. As is often the case, this speculative alt activity coincided with the local market top, with $BTC peaking around 87k.
Equities volume on Hyperliquid has overtaken $BTC volume again. Both Bitcoin and stocks have been grinding lower for weeks but crypto-native traders seem to be chasing the stock dip. The last time the ratio peaked, in August, BTC was near its lows before breaking out.
$BTC trades near $75k on Monday after a failed push above $80k. ETF outflows were the heaviest since early July and short-term holders are near break-even, while leverage and demand for protection stay high. Read our latest BTC Market Pulse 👇
Hyperliquid whales are adding to their $BTC shorts. Their net positioning turned short 2 weeks ago after 7 months of being long. Short exposure is now the largest since October 2025. The last time they were this short, price moved down considerably.
$BTC has rarely tracked equities this closely. Over the last 30 US sessions, the correlation with the S&P 500 reached 0.80. Since 2020 it has spent most of its time far below that. Despite the talk of bitcoin's relative strength, macro sets the direction for now.
Leverage grew through the $BTC selloff. Open interest climbed by about $1B during the US session drop, and by almost $500M more into today's US session. Funding cooled slightly but is now ramping up again. Longs look to be stepping back in.
Short-term holders are back underwater. Yesterday's drop pushed about 60% of the $BTC held by recent buyers below its cost basis. A day earlier, they were back in profit. For now, that lowers the risk of recent buyers cashing out into strength.
