Four Key On-Chain Metrics Suggest Reduced Bitcoin Sell Pressure, Says Binance Research

A new report from Binance Research points to multiple on-chain indicators suggesting that Bitcoin’s available sell-side supply may be tightening.

According to the analysis, nearly 60% of Bitcoin has remained unmoved for over a year, reflecting strong long-term holding behavior. At the same time, exchange balances have continued to decline, slipping from 17.6% at the COVID-era peak to 15.0%, a shift that corresponds to roughly 500,000 BTC moving off exchanges.

Alongside these supply-side trends, the report notes that the SLRV indicator remains near historical lows, pointing to relatively subdued speculative activity in the market.

Meanwhile, the short-term holder MVRV ratio has moved back above 1.0 after spending much of the period since November 2024 below that level, indicating that short-term holders have returned to unrealized profit territory.

Source: Binance Research