Bitcoin On-Chain Activity Report, December 2025

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	Forwarded this email? Subscribe here for more Late-Cycle Signals Are Flashing Caution for Bitcoin Bitcoin On-Chain Activity Report, December 2025 Ecoinometrics Dec 24 ∙ Preview   READ IN APP   On Monday, we laid out two reasons why Bitcoin could stage a recovery into the new year: a potential rebound in ETF flows and a more supportive macro backdrop. If that scenario materializes, it would provide meaningful relief. But when we step back and look at longer-horizon, lagging indicators, the picture is less reassuring. Those indicators suggest Bitcoin is losing underlying momentum in a way that has historically aligned with cycle tops. This matters because lagging signals don’t tell us what will happen next, but they do tell us where the market currently stands. Right now, they describe a market that has slowed materially and now requires renewed support to avoid sliding into a bear phase. In this report, we examine two of those indicators, explain what they are signalling today, and clarify how to interpret this warning without overreacting to it. 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. Late-Cycle Signals Are Flashing Caution for Bitcoin The Takeaway Long-term indicators suggest Bitcoin has entered a late-cycle phase where underlying momentum has weakened... 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