From Friday, June 22, 2025, until Sunday the 24th, prices across the entire crypto ecosystem plummeted. Bitcoin dropped from $106,441 to $98,215.77, losing more than $8,000 in just 48 hours. This crash was attributed to the Middle East conflict, but was there truly panic among investors?
On-Chain metrics allow us to analyze market behavior with precision. One of them, the Bitcoin NVT Ratio, measures the relationship between market capitalization and real network usage. Low values indicate undervaluation. During this drop, the average NVT was 45.04, and its 30-day EMA stood at 38, both within undervaluation territory.
Another key metric is the Bitcoin Realized Cap, which reflects the total capital invested in BTC based on the price at which each UTXO last moved. Instead of declining, it increased from $946.073 billion to $946.702 billion, a rise of $629 million, disproving the panic-selling narrative.
Moreover, there were no significant sales from whales (1k to 10k BTC) or humpback whales (+10k BTC). The Bitcoin UTXO Value Bands metric, which segments holdings by wallet size, showed stability and even accumulation among high-value addresses. In fact, some slightly increased their holdings, reinforcing the idea that large holders were not behind the price drop.
Finally, most tokens showed simultaneous declines with identical structure, pointing to a coordinated action from a single origin. All signs indicate the involvement of market makers, entities capable of triggering massive movements across the ecosystem for their own gain—and that of the CEXs.
Signed by Carmelo Alemán, Verified On-Chain Analyst at Cryptoquant
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Written by Carmelo_Alemán
