Active Addresses Analysis
Between April 30 and May 7, 2025, the Bitcoin network recorded 1,113,090 active addresses, signaling robust participation as prices surged to $96,011. The intersection of price and active addresses on May 2 marked a pivotal shift in buying behavior. Notably, the 7-day simple moving average confirmed upward momentum when aligned with price crossings.
Sending vs. Receiving Addresses
- Sending Addresses: Peaked at 607,907 during price dips (May 4), reflecting sell-offs near $94,000.
- Receiving Addresses: Dropped to 407,505 at price highs (May 5), indicating accumulation at lower levels.
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Onchain Breakdowns
MVRV Ratio
- April 30: Price $94,180 | MVRV 2.11
- May 6: Price $96,825 (+2.81%) | MVRV 2.15 (+1.9%)
Realized Price
- Rose 0.71% to $44,829, underscoring steady holder cost bases.
SOPR Metric
- Increased 0.69% to 1,019, suggesting profitable spending.
Derivatives Market Dynamics
Open Interest
- Peaked at $33.75B (May 1) but diverged from price recovery by May 7, signaling cautious leverage usage.
Funding Rates
- Shifted negative (May 3–4) before rebounding, aligning with price recovery.
Liquidations
- Shorts dominated: $727M** liquidated vs. **$242M longs.
| Date | Longs ($M) | Shorts ($M) |
|---|---|---|
| April 30 | 49.67 | 26.32 |
| May 1 | 9.58 | 483.07 |
Supply Distribution Trends
- 100–1k BTC wallets: Grew 0.26%, showing accumulation.
- <1 BTC wallets: Declined 0.13%, hinting at retail consolidation.
| Wallet Category | Change (%) |
|---|---|
| 10–100 BTC | -0.22 |
| 1k–10k BTC | +0.04 |
Exchange Reserve Outflows
- 20,655 BTC withdrawn (0.83% decrease), coinciding with a 2.8% price rise.
| Date | Netflow (BTC) | Reserve (BTC) |
|---|---|---|
| April 30 | +2,176 | 2,483,014 |
| May 6 | -7,651 | 2,462,359 |
Miner and Transaction Activity
- Miner Netflow: +1,507 BTC, indicating hodling.
- Transactions: Fell 16.53% to 2.53M, with reduced network congestion.
Whale Movements
- Exchange Whale Ratio: Peaked at 0.548, showing persistent large-player activity.
- 10–10k BTC wallets: Accumulated 81,338 BTC over six weeks.
FAQs
Q: What does rising MVRV indicate?
A: Values above 2 suggest unrealized profits, often preceding sell pressure.
Q: Why did open interest diverge from price?
A: Traders avoided excessive leverage, preferring spot-driven rallies.
Q: Are whale activities bullish?
A: Mixed signals—accumulation by large wallets contrasts with retail sell-offs.
Q: How reliable is SOPR for timing trades?
A: Values >1 imply profit-taking; combine with price trends for context.
Key Takeaways
- Bullish: Exchange outflows, miner accumulation.
- Caution: Diverging open interest, whale volatility.
- Neutral: Stable realized price, balanced SOPR.
Data sourced from Cryptoqaunt. This report does not constitute financial advice.