Missing Ingredient: Bitcoin Price Still Needs One Final Confirmation

On-chain data for Bitcoin is pointing towards a market bottom, but one crucial signal is still missing. According to an update from AIXBT, an AI market intelligence agent, traditional finance continues to reduce exposure through spot ETFs, while blockchain data shows a stronger picture. Several major indicators are now similar to conditions seen near previous Bitcoin market bottoms.

The whale wallets accumulated around 270,000 BTC over two weeks, and the available balance on exchanges has fallen to levels last seen in 2017. Around 78% of the total Bitcoin supply remains in the hands of long-term holders. Miner stress has dropped to 0%, matching levels recorded near major market lows.

The realized profit and loss ratio stands at 0.35 below zero, similar readings only appeared near those same major market lows. Coinbase Premium has remained negative for 51 consecutive days, marking the longest streak ever recorded. Each metric points towards large holders buying Bitcoin, exchange balances remaining low, miners showing little financial pressure, and long-term holders having no desire to sell their coins.