Bitcoin On-Chain Heatmap Shows All Major Metrics In The Red
Some key on-chain indicators are flashing a crimson sign for Bitcoin, suggesting bearish market circumstances for the primary cryptocurrency.
Major On-Chain Indicators Are In Red Zone For Bitcoin
In a brand new post on X, CryptoQuant writer Darkfrost has talked about what on-chain indicators are suggesting for the present Bitcoin market. The analyst has shared a heatmap that exhibits the indicators 10 metrics associated to the cryptocurrency are flashing proper now.
The indicators within the graph are all key on-chain metrics protecting completely different dimensions of the community. For instance, the MVRV Z-Score offers with normal investor profitability, whereas the Trader Realized Price and Trader On-chain Profit Margin particularly monitor the profit-loss standing of the short-term holders.
All the indications within the heatmap are presently giving a crimson sign, implying circumstances aren’t favorable for a bull market. “As lengthy as that continues to be the case, it’s laborious to think about BTC reaching new highs within the brief time period,” famous Darkfrost.
Red has unfold on the heatmap because the cryptocurrency’s value has gone via its bearish value motion. A few metrics, nevertheless, have been bearish since even earlier than the market downturn. The indicators in query are the Inter-Exchange Flow Pulse and CryptoQuant Network Activity Index.
The former of those tracks the flows occurring between spot and derivatives exchanges. This metric being bearish means that there’s a lack of speculative push available in the market. From the chart, it’s seen that the Inter-Exchange Flow Pulse went crimson in the course of the drawdown part from the primary half of 2025 and has remained so since then.
The CryptoQuant Network Activity Index, gauging the transaction exercise occurring on the Bitcoin blockchain, left the bull territory in late 2024. Activity on the community has since largely maintained at bearish ranges, apart from a number of transient flashes.
Most of the opposite metrics didn’t flip crimson till the November 2025 value decline. The final metric to go crimson was the Trader On-Chain Profit Margin, which was inexperienced in the course of the January restoration rally, however gave the bear sign after the newest value plunge.
In another information, the Bitcoin short-term holders have proven indicators of loss-taking not too long ago, as CryptoQuant group analyst Maartunn has highlighted in an X post. The short-term holder cohort contains the BTC buyers who bought their cash in the course of the previous 155 days.
As the under chart exhibits, these holders have ramped up their loss deposits to exchanges not too long ago.
Investors often switch their tokens to centralized exchanges after they need to take part in promoting, so these loss deposits is usually a signal that some short-term holders are capitulating.
BTC Price
At the time of writing, Bitcoin is buying and selling round $65,300, down greater than 2% within the final week.
