ChainCatcher report: Bitcoin price continues to face pressure below $72,000, with on-chain data indicating weakening market demand and limited short-term upside potential: 1. Glassnode’s Accumulation Trend Score (ATS) is nearing zero, signaling that large holders are reducing or halting their BTC accumulation. This trend mirrors early 2025, when Bitcoin’s price dropped to $74,500. Smaller to mid-sized holders (under 1,000 BTC) are also showing signs of “distribution or inactivity.” 2. Santiment notes that Bitcoin whale activity is “historically subdued,” with only 6,417 transactions above $100,000 last week and transactions exceeding $1 million falling to 1,485—the lowest level since October 2024. Analysis suggests smart money is adopting a cautious stance due to uncertainty surrounding the CLARITY Act and geopolitical tensions. 3. CryptoQuant’s Network Activity Index has declined continuously since August 2025, reflecting overall weakening on-chain demand. Bitcoin Vector’s fundamental indicators also show diminished network liquidity and sluggish growth, with market conditions described as “stable without support.” Short-term price rallies are likely driven by capital inflows, short covering, or external catalysts rather than organic growth. 4. Bitcoin’s hash rate has dropped significantly over recent weeks to 813 EH/s, a 22% decline from the March 5 peak of 1.2 ZH/s. Rising energy costs and geopolitical conflicts have pushed profitability below $34 per PH/s/day, leaving most miners unprofitable. Token Metrics analysts warn that if difficulty drops more than 5% within a week, accelerated miner exits could further intensify spot selling pressure.
Bitcoin Struggles Below $72,000 as Chain Indicators Signal Weakening Demand
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Summary
On-chain data shows Bitcoin remains below $72,000 amid weakening demand. Glassnode’s Accumulation Trend Score is nearing zero, signaling reduced accumulation by large holders. Small-to-medium holders also exhibit signs of inactivity or distribution. Santiment reports historically low whale activity, with large transactions reaching their lowest level since October 2024. On-chain analysis from CryptoQuant reveals a decline in the Network Activity Index since August 2025. Bitcoin’s hashrate has dropped 22% to 813 EH/s, as rising costs push miners into losses. Analysts warn that further adjustments could increase selling pressure.
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