The first half of 2025 arrived with several price records. This cycle turned out differently, as #whales tended to hold, instead of distribute. #NODEBinanceTGE
Since January 2025, a trend of holding has established itself for $BTC . The liveliness metric shows that, compared to previous rallies, the current market has not led to coin distribution. #FederalReserveIndependence Liveliness is a metric of how many coins are spent versus how many are held, and reflects directly on-chain activity. Large holders preferred to accumulate coins, turning into long-term BTC supporters.#StrategyBTCPurchase
The BTC liveliness metric slowed down in 2025 | Source: Chain Exposed
Since the start of 2025, the liveliness metric points to a holding trend, rather than distribution. BTC has also not seen panic-selling or capitulation during this year’s bull market, as retail already liquidated its holdings during previous bull markets.
The recent trend of holding arrived at a time when BTC fluctuated in a new tight range, mostly above $100,000, with the occasional dip to the $80,000 range. This time, even the market drawdown did not create panic-selling. The recent accumulation continued as BTC traded above $109,000 during the latest market recovery. Later, BTC jumped again to $110,360, on track to new all-time peaks.
The 2025 market cycle also continues without a deep correction, as drawdowns rarely exceeded 25% of the market price. The perception of BTC also changed, turning from a speculative asset to a store of value.
The 2025 market cycle also continues without a deep correction, as drawdowns rarely exceeded 25% of the market price. The perception of BTC also changed, turning from a speculative asset to a store of value.
BTC transaction fees also indicate extremely low on-chain activity. Transaction fees range between $0.15 and $0.30, despite the price hovering within a few thousand dollars of a new all-time high. During previous market rallies, transactions would pick up for BTC, often creating network congestion. This cycle, even near-record prices, rarely spikes on-chain activity. #Write2Earn
New wallets also shift to holding
Almost all cohorts have shifted to holding, though short-term wallets sometimes distribute coins and tokens. Based on the holder heat map, all wallets aged six months or over have gradually increased their balances.
