Bitcoin's Bullish Narrative Falters Amid On-Chain Red Flags

Bitcoin's price action has been showing bullish momentum, but on-chain metrics are raising eyebrows. Despite reaching $64,380.20 at press time after a 2.32% increase over the previous day, Bitcoin failed to overcome the resistance level at $80k.

The four-hour chart's RSI and MACD indicators, as well as the narrowing Bollinger bands, imply that the bullish narrative is here to stay.

However, CryptoQuant's analysis paints a different picture. Since October 2025, about $10 billion has been pulled out of spot Bitcoin ETFs, and the Coinbase Premium has been negative for 65 days in a row.

On the other hand, new Bitcoin whales are progressively gaining more BTC, as the supply of the cryptocurrency shifts from older, long-term holders to more large, recent investors.