Despite recent Bitcoin volatility, on-chain metrics indicate less sell pressure.

Recent Bitcoin price volatility has raised concerns about short-term direction, but several on-chain indicators suggest sell pressure may be moderating rather than accelerating.

According to publicly available data from Glassnode and Crypto Quant:

• Exchange net flows have remained neutral to slightly negative over the past few weeks, indicating fewer coins moving to exchanges for immediate selling.
• Long-term holder supply continues to trend upward, which historically correlates with accumulation phases rather than distribution.
• Realized profit/loss ratios show profits being taken at lower intensity compared to previous local tops.

At the same time, derivatives data shows funding rates returning closer to neutral, suggesting leverage is cooling off after recent price swings.

This doesn’t imply a guaranteed upside move, but it may indicate that the current volatility is driven more by short-term traders than broad market distribution.

Sources:

• Glassnode – Exchange Net Position Change
• CryptoQuant – LTH Supply & Realized P/L Metrics
• Coinglass – Funding Rate Aggregates

Curious how others are interpreting the on-chain vs derivatives data right now.