Why Bitcoin’s On-Chain Downtrend Just Snapped

Bitcoin On-Chain Activity Report, May 2025

Bitcoin’s on-chain activity is one of the best tools to assess whether a price rally is supported by real demand or driven mainly by speculative positioning.

When activity on the network rises alongside price, it signals that the move is grounded in actual usage (spot buying, fund flows, long-term holding) not just leveraged bets in the derivatives market.

So what is the on-chain data telling us right now?

---

Ecoinometrics delivers professional-grade crypto and macro analysis to help institutional investors and serious traders make data-driven decisions.

Our team conducts rigorous quantitative research, developing proprietary metrics and institutional-quality visualizations that cut through the noise to reveal key market dynamics.

Each newsletter provides clear, actionable insights backed by data, delivered in a concise format that respects your time - five minutes to absorb, but deep enough to inform your investment strategy.

Join over 32,000 professional investors and fund managers:

Ready? Let's dig into the data.

---

Why Bitcoin’s On-Chain Downtrend Just Snapped

The Takeaway

Bitcoin’s on-chain activity has broken out of its bearish trajectory, signalling a potential regime shift. While short-term usage remains subdued, the stabilization in long-term metrics reduces the likelihood of another downturn.