[Analysis] "Bitcoin On-chain Data Shows Clear Bullish Signal"

An analysis has emerged suggesting that bullish signals have been detected in Bitcoin (BTC) on-chain data.

CryptoQuant contributor Carmelo_Alemán stated on the 8th via CryptoQuant, "Recently, concerns about this upward cycle have been raised as the price of Bitcoin plummeted amid debates between President Trump and Elon Musk." He added, "However, analysis of on-chain indicators reveals clear bullish signals."

First, Alemán focused on the amount of Bitcoin held on centralized exchanges (CEX) and the net inflow. Alemán said, "The amount of Bitcoin held on centralized exchanges has decreased by 2.88% over the past week," adding, "The withdrawal of Bitcoin from exchanges reflects reduced selling pressure and strong investor confidence."

Alemán continued, "The net inflow of Bitcoin to centralized exchanges has consistently remained negative, meaning more Bitcoin is being withdrawn than deposited." He added, "This suggests accumulation and strong conviction among Bitcoin holders."

He also mentioned realized market capitalization and unspent transaction outputs (UTXO). Alemán said, "As of now, Bitcoin's realized market cap has reached an all-time high of $934.88 billion, continuing to set new records," analyzing, "Realized market cap evidences steady Bitcoin accumulation and increased capital inflows, strengthening long-term confidence."

Alemán noted, "Continuous growth is observed in various UTXO value bands." He added, "This means Bitcoin is being actively held in various sizes and holding periods, indicating a healthy distributed structure and steadily increasing investor confidence across all investor types." Alemán concluded, "Judging by these on-chain indicators, Bitcoin can only continue to rise."