On-chain Data Reveals Signals: Is Bitcoin Gearing Up for a Major Move?

[BlockBeats] Recently, I took a look at on-chain data and noticed something quite interesting—the fundamentals of Bitcoin are quietly improving, even though the price has been rather sluggish these past couple of days.

Let’s start with a key figure: the Bitcoin balance on exchanges has dropped to around 1.8 million coins. What does this mean? Even during the 2017 bull run, it was never this low. Everyone is stashing their coins in their own wallets, and the amount of Bitcoin available for trading on exchanges keeps decreasing.

What’s even more remarkable is that, even though BTC has been consolidating within a range, capital inflows haven’t really stopped. Just look at the realized market cap metric—it’s still climbing each month, which means people are still buying, and at higher prices than before. This “buying and holding” trend is actually pretty healthy.

One analyst summed it up quite well: stable opening, lots of coin accumulation, fewer coins on exchanges, and the price is still above the real average price… it just needs one final push. Right now, BTC is stuck in a $96,000 to $106,000 range, and if it can break through the upper band, things could look very different afterward.

So, even though things seem calm on the surface, the fundamentals are genuinely improving. Now it’s just a matter of waiting for a catalyst to break out of this range.