Bitcoin shows signs of potential rally amid low new user activity
- Stablecoin inflow patterns mirror levels seen post-LUNA and FTX collapse, indicating fresh accumulation.
- Bitcoin holds above $100,000, but new user activity remains low, suggesting a “HODL” phase.
- The New UTXO metric is near 570,000, about 40% lower than when BTC traded between $60,000–$70,000.
- Large transactions make up 96% of exchange flows, historically linked to major price expansions.
- Apparent Demand metric turned negative for the first time in two months, indicating weak buyer demand.
Stablecoin inflows suggest a return of meaningful demand as Bitcoin maintains strong prices despite low network activity. Large transactions dominate exchange flows, hinting at strategic redistribution by whales.
While Bitcoin’s price remains robust above $100,000 with significant whale activity, the lack of new user engagement could delay further rallies unless fresh demand emerges to counteract selling pressures from miners and long-term holders. (Source)
