On-chain data indicate that the market is in an extreme savings period. Bitcoin's price still has bullish projections, according to market analysts. An accumulation period is consolidating in the Bitcoin market. Proof of this can be observed in the movements of the reserves of the exchanges, which experienced a volume of retirement of more than 47 thousand BTC in recent days. Although initially this could be interpreted as an internal movement of the Exchange, a Cryptoquant market analyst suggests that it could also be the action of «whales» or large investors who are accumulating Bitcoin for their own reserves. This massive retreat does not necessarily cause an immediate «supply shock» in the price of Bitcoin. The analyst points out that the effects on the price of Bitcoin are usually long -term and should not be misunderstood as immediate influences in the market. However, the action reveals a clear trend of accumulation by the great actors of the market, which could presage significant movements in the future.
Exchange retreats have increased in recent months. Source: Cryptoquant
On-chain data reveal little activity in Bitcoin
Mempool.Space data show that there are currently only 3 blocks with transactions waiting to be processed, and transaction commissions have been significantly reduced, with the highest at 2 sat/vb or $ 0.28, A low figure compared to the normal state of the network.
For a week, the Bitcoin Mempool is practically empty. Source: Mempool.Space As Cryptonoths reported, Jameson Lopp de Casa comments that «an empty Mempool is a sign that Bitcoin's sovereign use is extremely low.» For its part, Julio Moreno de Cryptocancia attributes this situation to the decrease in «madness» by Runes/BRC20, a type of token that is recorded in Bitcoin who experienced a momentary boom months ago. However, an observation of Trader Tomy Wilson points out that «we are holding BTC,» Which implies that users maintain their bitcoins in self -ustody wallets, thus reducing the movement of the asset. This could be to indicate a bullish catalyst for the future. The Cryptoquant analysis platform has described the situation as a «ghost city» in its latest report, as reported by this medium, where the «Bitcoin Network Activity Index» has fallen 15% since November 2024, currently standing at 3,760 points, the lowest level in a year, equivalent to February 2024.
Bitcoin on-chain data reflect a drop in your network activity according to Cryptoquant. Source: Cryptoquant. This index, which combines metrics such as transactions, active addresses, and volume, reflects a lower bitcoin use to move funds or interact with protocols. The «Network Activity Drawdown» shows a 17% drop since November 20, 2024, according to Cryptoquant, suggesting that the network activity is below its historical tendency. Although Cryptoquant reports 346,000 transactions on February 5, 2025, A 53% reduction from the maximum of 734,000 in September 2024, Other sources such as Bitinfocharts and Coin Metrics have slightly larger figures, with more than 380,000 and 378,000 transactions respectively. In addition, the mentioned historical maximum does not coincide with other records, which suggests that the fall could be even more pronounced, up to 62% from the 921,546 transactions record in April 2024. The report also highlights a drastic decrease in the mespool of Bitcoin, going from a peak of 287,000 pending transactions in December 2024 to only 3,000 in February 2025, A 99%drop, the lowest level since March 2022. This trend of decrease in transactions could imply a reduction in other network use metrics.
Bitcoin will continue on the rise
Bitcoin remains in a lateral movement around USD 96,000, with a fluctuation range between USD 106,000 and USD 92,000 since December.
Some analysts suggest that this stability could point out exhaustion in the bullish impulse. However, Chris Burniske, former director of Ark Invest, offers a different perspective. Through its X account, Burniske analyzed the recent decrease in Bitcoin from USD 101,000 to USD 95,000. This setback, according to him, was motivated by geopolitical tensions, highlighting the commercial war between the United States and China. Burniske argues that This fall does not mean the end of the bullish cycle, but rather a correction within a major bullish phase.