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Why Bitcoin’s On-Chain Downtrend Just Snapped

Bitcoin On-Chain Activity Report, May 2025

Ecoinometrics

May 21

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Bitcoin’s on-chain activity is one of the best tools to assess whether a price rally is supported by real demand or driven mainly by speculative positioning.

When activity on the network rises alongside price, it signals that the move is grounded in actual usage (spot buying, fund flows, long-term holding) not just leveraged bets in the derivatives market.

So what is the on-chain data telling us right now?

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Why Bitcoin’s On-Chain Downtrend Just Snapped

The Takeaway

Bitcoin’s on-chain activity has broken out of its bearish trajectory, signalling a potential regime shift. While short-term usage remains subdued, the stabilization in long-term metrics reduces the likelihood of another downturn...