Bitcoin On-Chain Activity Report, November 2025

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	Forwarded this email? Subscribe here for more Bitcoin’s Activity Looks Healthy But the Signal Is Misleading Bitcoin On-Chain Activity Report, November 2025 Ecoinometrics Nov 26 ∙ Preview   READ IN APP   Historically, Bitcoin’s on-chain activity has been one of the cleanest reads on where we are in the broader market cycle. When activity rises, it usually signals a healthy bull phase. When it falls, it often marks the early stages of a bear market. But the rise of spot Bitcoin ETFs has altered that relationship. A much larger share of on-chain movements now comes from ETF creations and redemptions rather than organic investor behaviour. That shift matters. It means the old way of reading on-chain activity can point you in the wrong direction. And the current environment is a good example of that. If you rely on the historical interpretation alone, it looks like everything is fine but that conclusion ignores the ETF footprint. So let’s break down what’s actually happening and why the signal isn’t as straightforward as it used to be. Ecoinometrics delivers professional-grade crypto and macro analysis to help institutional investors and serious traders make data-driven decisions. Our team conducts rigorous quantitative research, developing proprietary metrics and institutional-quality visualizations that cut through the noise to reveal key market dynamics. Each newsletter provides clear, actionable insights backed by data, delivered in a concise format that respects your time - five minutes to absorb, but deep enough to inform your investment strategy. Join over 35,000 professional investors and fund managers: Upgrade to paid Ready? Let’s dig into the data. Bitcoin’s Activity Looks Healthy But the Signal Is Misleading The Takeaway Bitcoin’s long-term on-chain activity looks stable, but that signal is no longer as reliable as it used to be... Continue reading this post for free in the Substack app Claim my free post Or upgrade your subscription. Upgrade to paid   Like Comment Restack   © 2025 Ecoinometrics 548 Market Street PMB 72296, San Francisco, CA 94104 Unsubscribe