Bitcoin endured another volatile trading week as persistent selling pressure kept the wider bearish mood intact across the market.
The leading cryptocurrency briefly found relief late on Friday but continued to struggle below key resistance levels while hovering around the $69,000 mark.
Analysts are increasingly turning to on-chain indicators to assess investor behaviour and gauge Bitcoin’s likely direction in the weeks ahead.
In a recent QuickTake analysis on CryptoQuant, Amir Taha examined how Bitcoin responded to the latest United States Consumer Price Index release.
The CPI reading came in at 2.4%, exceeding expectations and prompting renewed confidence across risk-driven assets, including Bitcoin.
"The inflation reading came in at 2.4%, surpassing market expectations and driving renewed optimism across risk assets,"
Amir Taha said.
Data from Binance revealed a sharp jump in derivatives activity immediately after the CPI announcement.
Net Taker Volume recorded a single hourly surge of more than $265 million, signalling aggressive buying in Bitcoin futures markets.
This metric reflects traders rushing to open long positions in anticipation of a possible rebound.
Open Interest percentage change also climbed, indicating that fresh capital entered leveraged trades rather than existing positions being closed.
The expansion in leveraged exposure suggests a revived speculative appetite but also raises the risk of forced liquidations if momentum turns.
Despite the bullish stance in derivatives markets, on-chain figures point to mounting stress among short-term holders.
The Short-Term Holder to Long-Term Holder Market Value to Realised Value ratio fell to 0.72, slipping beneath previous local lows seen in August 2024 and April 2025.
This reading implies that short-term holders are sitting on average unrealised losses of roughly 44%.
Historically, comparable declines have aligned with capitulation phases where weaker participants exit positions under pressure.
Additional data from the STH-LTH Net Position Realised Cap metric reinforces this divergence between investor groups.
Short-term holders have realised losses totalling approximately $57 billion, reflecting heavy distribution during recent weakness.
In contrast, long-term holders maintain a positive realised cap near $35 billion, highlighting ongoing resilience and accumulation.