The Bitcoin market shows signs of structural robustness, supported by the balanced cost basis of whales, but with moderate network activity and volatile organic demand. This scenario indicates long-term stability, although the short term reveals fluctuations in liquidity and engagement.
MAIN METRICS
◾Structural Health (Realized Cap – Whales): balanced cost basis between new whales ($126.6362B) and old whales ($126.3751B), providing solid price support.
◾Demand and Engagement Health (Active Addresses): Bitcoin network with 385,280 active addresses, consistent usage but below previous peaks, signaling moderate engagement.
◾Liquidity and Capital Flow Health (Transaction Volume): 543,191 daily transactions, liquidity present but consolidated compared to periods of higher turbulence.
IN SUM
The analysis reflects Bitcoin’s transition from a purely speculative asset to a more mature macro asset, with strong institutional and long-term support, yet still subject to corrections and short-term volatility.
Written by GugaOnChain
