Supply & Mining: • UAE-linked Citadel Mining holds ~6,782 BTC. • Bitdeer mined 668 BTC last month, overtaking MARA in hashrate dominance. Liquidity: • Bitcoin open interest down 55% from peak. • Spot volumes at lowest levels since 2023. • ETF balances down ~100k BTC during latest institutional de-risking phase. Capital Rotation: • Altcoin volumes fell 50%. • Funds flowing back into Bitcoin dominance. Risk Discussion: CryptoQuant CEO notes ~6.89M BTC in old addresses may face future quantum security risks. Structure is tightening. Volatility compression phases often precede major directional moves.
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On-Chain & Market Data Brief
Supply & Mining: • UAE-linked Citadel Mining holds ~6,782 BTC.
• Bitdeer mined 668 BTC last month, overtaking MARA in hashrate dominance.
Liquidity: • Bitcoin open interest down 55% from peak.
• Spot volumes at lowest levels since 2023.
• ETF balances down ~100k BTC during latest institutional de-risking phase.
Capital Rotation: • Altcoin volumes fell 50%.
• Funds flowing back into Bitcoin dominance.
Risk Discussion: CryptoQuant CEO notes ~6.89M BTC in old addresses may face future quantum security risks.
Structure is tightening. Volatility compression phases often precede major directional moves.