After recent liquidity manipulations—where Bitcoin’s price saw an abrupt correction coinciding with a media dispute between President Trump and Elon Musk—a legitimate concern arose among investors and analysts: Is the bullish thesis for this cycle still intact?
However, these doubts are quickly dispelled when analyzing On-Chain metrics, which show clear bullish signals:
🔹 Bitcoin: Exchange Reserve - All Exchanges
Bitcoin reserves on centralized exchanges (CEXs) continue to decline. Over the last week, they dropped from 2,435,613 BTC to 2,365,410 BTC, a decrease of 2.88%.
This is highly bullish for Bitcoin for several reasons:
BTC is being withdrawn from exchanges, reducing selling pressure.
It reflects strong investor confidence.
It signals a deep conviction in Bitcoin as a store of value.
📈 Bitcoin: Realized Cap
Bitcoin's Realized Capitalization continues to break records. As of today, it has reached a new all-time high of $934.88 billion.
This confirms steady BTC buying and increased capital inflow, reinforcing long-term confidence.
📤 Bitcoin: Exchange Netflow (Total) - All Exchanges
Bitcoin's netflow on centralized exchanges remains consistently negative, indicating more BTC is being withdrawn than deposited.
This supports the previous two metrics and confirms accumulation and strong holder conviction.
📊 Bitcoin: UTXO Value Bands
There’s a continuous increase across various UTXO value bands, meaning more BTC is being held in different volume and age ranges.
This reflects:
A healthy distribution across investor types.
A sustained rise in investor confidence.
A lower willingness to sell, reducing supply pressure.
These trends are not isolated. Together, they reflect a structural shift in behavior, where long-term conviction is overtaking short-term speculation.
Conclusion:The convergence of these On-Chain metrics points to one direction: Bitcoin has to keep moving higher.
by Carmelo Alemán, Verified On-Chain Analyst at CryptoQuant
Written by Carmelo_Alemán
