Bitcoin is in a downturn? On-chain data reveals the market is quietly building a bottom

【Blockchain Rhythms】Bitcoin has recently been in a relatively quiet state. According to the latest on-chain data analysis, the price trend appears to be driven more by a lack of pressure rather than active trading intentions from investors.

Data shows that Bitcoin’s supply remains oversupplied, while the market’s structural support seems somewhat fragile. Although spot capital flows have improved, this has not yet translated into sustained buying. Institutional and corporate buyers remain cautious, with fund flows in treasury companies stabilizing, and trading mainly concentrated in sporadic individual transactions.

The derivatives market is also lacking vitality. Futures trading volume is shrinking, and leverage usage remains moderate. This low participation intensifies the liquidity shortage, resulting in prices becoming extremely sensitive to even minor position changes.

From a broader perspective, the Bitcoin market seems to be quietly building a bottom range. But this consolidation is not due to excessive enthusiasm or overly active participants—in fact, quite the opposite—it’s because investor confidence has paused. Everyone is watching and waiting for a clear catalyst to emerge, so the market can become active again and regain upward momentum.