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Project Overview
CryptoQuant is an on-chain data analysis platform that offers comprehensive data for crypto trading. It includes market data, on-chain data, and short/long-term indicators for Bitcoin, Ethereum, Stablecoins, and ERC20 tokens.
CryptoQuant: Gate's Crypto Stock Perpetual Contracts Fastest Growing in the Industry in July, Up 308% Month-over-Month
According to Odaily, CryptoQuant's latest report, "Wall Street, Always On," shows that in July 2026, trading volume for traditional financial stock perpetual contracts on crypto exchanges reached approximately $250 billion, up about 17 times from April. Among them, Gate's related trading volume in July was approximately $15 billion, up about 26 times from April, representing a 308% month-over-month increase, making it the fastest-growing exchange among the platforms covered in the report.The report notes that Gate's perpetual contract trading has maintained steady triple-digit growth for three consecutive months, with May, June, and July seeing month-over-month increases of approximately 131%, 177%, and 308%, respectively, showing an accelerating trend. CryptoQuant stated that compared to the episodic growth seen on some platforms, Gate's sustained growth better reflects the continuous penetration of traditional financial asset trading demand into crypto trading infrastructure, "which makes Gate an exchange worth watching in the crypto-stock race."CryptoQuant indicated that crypto trading platforms are gradually becoming 24/7 trading gateways connecting Crypto and Wall Street, with trading demand from traditional stock markets accelerating its extension into crypto infrastructure. As Gate continues to expand its diversified asset services, including stocks and ETFs, CFDs, Pre-IPOs, direct IPOs, and tokenized securities like gStocks, the platform is further strengthening the connection between traditional financial assets and digital asset trading ecosystems, providing global users with a more flexible and efficient multi-asset trading experience.
Bitcoin Institutional Holdings Shrink 10% Over Three Months, Corporate Treasury Model Under Pressure
According to CryptoQuant on-chain data, total institutional BTC holdings, including trusts, ETFs, and closed-end funds, have decreased from 1.33 million BTC three months ago to 1.2 million BTC, a decline of approximately 10%. Meanwhile, the corporate Bitcoin treasury model is also facing pressure. Novaque Research analysts pointed out that the market cap of multiple Bitcoin treasury companies has currently fallen below the net asset value (NAV) of their BTC holdings, and the previous positive cycle mechanism of "stock price premium → financing to buy BTC → strengthening premium" has significantly weakened. The listed company with the largest holdings, Strategy, even sold 1,638 BTC last week.
Analysis: US Treasury Yields Rise to Highs, Four Major Risk Factors Weighing on Bitcoin Rebound
CryptoQuant analyst Axel Adler pointed out in a weekly report analysis that the US 10-year Treasury yield has recently risen to approximately 4.7%, approaching the upper limit of the range over the past five years. The high-interest rate environment is tightening financial conditions, raising financing costs and asset discount rates, and increasing pressure on risk assets.
Analyst: Current active BTC investors under 20% loss on average, cyclical adjustment still ongoing
Odaily News, CryptoQuant analyst Darkfost stated on platform X that currently, active Bitcoin investors are floating at a loss of about 20% on average, and market sentiment is in a "devaluation" phase, but has not yet reached the deep pressure levels typical of historical bear markets.Darkfost pointed out that the True Market Mean (TMM) is currently around $76,700. This indicator reflects the average cost basis of active circulating BTC supply (excluding coins that have been dormant for a long time, potentially lost, or illiquid). Historically, this level acted as a significant resistance zone in May, where some investors chose to exit the market without incurring losses or with minor losses. Meanwhile, the AVIV Ratio (Active Value to Investor Value) is currently around 0.8, meaning active investors are down approximately 20% from their cost basis. In contrast, during historical bear markets, this indicator typically drops to 0.5–0.6, corresponding to a deeper drawdown of about 40%–50%.Analysis suggests that in this cycle, the entry of institutional funds and ETFs has not changed Bitcoin's cyclical nature; the market continues to operate within its own structural framework. Although significant devaluation pressure is already evident, it may not necessarily need to fall to historical bear market extreme levels to trigger a rebound. Overall, cautious judgment regarding cyclical fluctuations remains necessary.
Ripple CEO remains bullish on Bitcoin but criticizes Strategy's approach as "harming the crypto market"
Odaily Ripple CEO Brad Garlinghouse stated in a recent CNBC interview that he remains long-term bullish on Bitcoin, while strongly criticizing Michael Saylor and his strategy of continuously purchasing Bitcoin by financing through preferred stock, arguing that this "financial engineering" approach is negatively impacting the crypto market.Garlinghouse pointed out that Strategy's reliance on issuing preferred stock (such as STRC) to raise funds for Bitcoin purchases essentially acts as a distraction in the market rather than creating long-term value. He emphasized: "Financial engineering does not create long-term value; the long-term value of digital assets comes from real utility." He specifically noted that STRC's stock price has fallen to a discount of approximately 25% from its par value, which he described as a "strong vote of no confidence" in that financing structure. Against the backdrop of market pressure this week, Strategy's common stock hit its lowest level since February 2024, and Bitcoin briefly fell below $59,000.On the market front, a CryptoQuant report indicated that if the dividend structure continues, Strategy's cash buffer has decreased from over seven years to approximately 14 months, suggesting a pause in Bitcoin purchases and a rebuilding of reserve funds. Currently, STRC trading below $100 has also rendered its "issue tokens—buy Bitcoin" funding flywheel temporarily ineffective. However, Benchmark-StoneX analyst Mark Palmer believes this model reflects more of a "decline in efficiency" rather than a systemic breakdown. Meanwhile, Ripple continues to adopt an industry-contrarian perspective, reiterating the distinct value path of its ecosystem asset XRP compared to Bitcoin. (CoinDesk)
CryptoQuant: Strategy Should Pause Bitcoin Purchases to Prioritize Rebuilding Cash Reserves
CryptoQuant suggests Michael Saylor's Strategy should currently pause further Bitcoin purchases and instead prioritize rebuilding its cash reserves, as its dividend obligations have significantly increased, cash reserves have sharply declined, and unrealized losses on Bitcoin are widening.Julio Moreno, Head of Research at CryptoQuant, pointed out that Strategy's preferred stock, STRC, fell to $82.50 last week, a 17.5% discount from its $100 par value, marking its largest historical discount. This pressure stems from the bearish Bitcoin market environment and the company's diminished cash buffer capacity.The report states that Strategy recently repurchased $1.5 billion of its 0% convertible senior notes due 2029, further reducing the cash buffer available to support STRC dividend payments. Meanwhile, the company's cash reserves have declined by 38% since the beginning of 2026.On the other hand, as Strategy issues more STRC to finance Bitcoin purchases, its annualized dividend obligation has risen from approximately $300 million at the start of the year to roughly $1.2 billion currently—a nearly fourfold increase in less than six months. CryptoQuant believes the company should become more selective in its Bitcoin purchases rather than continuing indiscriminate accumulation amid intensifying cash pressures.
South Korean Virtual Asset Market "Reverse Kimchi Premium" Phenomenon Continues to Intensify
According to Yonhap News, the phenomenon of "reverse Kimchi premium" in South Korea's virtual asset market has continued to intensify since the beginning of this year. According to monitoring by on-chain data platform CryptoQuant, the average Bitcoin Kimchi premium index in early August was -0.48%, and the Ethereum average was -0.49%, meaning domestic prices were lower than those on overseas exchanges. Of the 221 days this year, the number of days with a reverse Bitcoin Kimchi premium reached 123, marking the first time since CryptoQuant began tracking this data in July 2020 that it exceeded the number of days with a positive premium. The record for the longest consecutive streak was also recently broken—from June 20 to July 24 this year, a reverse premium was recorded for 35 consecutive days, surpassing the previous historical record of 23 days. Analysts noted that the continued expansion of the reverse Kimchi premium mainly stems from three factors: first, the South Korean stock market has continued to strengthen, attracting a large number of investors to shift away from the crypto market; second, tighter regulations have prevented new services such as derivatives from being launched, suppressing the inflow of new funds; third, the crypto asset taxation policy is about to be implemented, further depressing investment attractiveness.
Data: Trump Family-Linked Stablecoin USD1 Surpasses $50 Billion in Cumulative Trading Volume on Binance
Odaily News: CryptoQuant analyst Darkfost posted on platform X, stating that the cumulative trading volume of the Trump family-linked stablecoin USD1 on Binance has surpassed $50 billion. Data shows that since its launch over a year ago, USD1 has experienced rapid growth in trading scale. The stablecoin was launched by World Liberty Financial in March 2025, a project co-founded with the participation of the Trump family. USD1 is primarily backed by U.S. dollars and short-term U.S. Treasury assets, and adopts an institutional-oriented compliance framework. Currently, the market cap of USD1 has exceeded $4 billion.
Bitcoin Small-Value Transfers Hit New High Since FTX Collapse, Coldcard Security Incident Sparks Self-Custody Debate
as the suspected hacking incident involving Coldcard wallets continues to unfold, Bitcoin small-value transfers have surged significantly, reaching their highest level since the FTX exchange collapse, reigniting market discussions on Bitcoin self-custody security.Julio Moreno, Head of Research at CryptoQuant, disclosed data on X platform showing that the number of on-chain Bitcoin transfers below 1 BTC has risen to its highest level since November 2022, with approximately 39,600 BTC transferred in a single day—only about 300 BTC below the record of 39,900 BTC set on November 16, 2022, just days after FTX filed for bankruptcy. He believes that users proactively taking action to address risks is a positive signal. Additionally, Eric Balchunas, Senior ETF Analyst at Bloomberg, noted that Bitcoin ETFs, backed by a mature regulatory framework and convenience, may offer some users a safer investment approach.However, industry insiders point out that the Coldcard incident more likely reflects issues with a single wallet provider or specific security processes, rather than indicating a failure of the entire Bitcoin self-custody system. This event once again highlights the importance of security awareness, risk diversification, and wallet usage habits in personal asset management.
BitMEX to Shut Down on September 23; Was an Early Crypto Derivatives Exchange
: Crypto derivatives exchange BitMEX has announced it will shut down, with trading scheduled to conclude on September 23. Founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed, BitMEX made the decision after a strategic review by its parent company, HDR Global Trading. BitMEX played a pioneering role in making perpetual contracts a key product in digital asset derivatives trading. Data from CryptoQuant shows that its Bitcoin futures daily trading volume began to decline around May 2021 and has failed to recover to its peak daily range of $1 billion to $5 billion seen in 2020. Restructuring advisor Roshan Dharia stated that mid-tier centralized exchanges face structural pressures, with liquidity increasingly concentrating on larger platforms and compliance costs rising. He noted that the top five platforms are currently estimated to control 80% of global spot trading volume, while mid-tier and regional exchanges are seeing narrowing profit margins and lack clear paths to scale. According to CoinGecko data, BitMEX ranked ninth among derivatives exchanges in August 2023, holding a 0.9% market share. By 2025, it was no longer among the top ten perpetual contract exchanges. Over the same period, these platforms saw their annual perpetual contract trading volume grow by 47.4%, reaching $86.2 trillion.
Analyst: Stablecoin Reserve Decline Signals Liquidity Contraction, Bitcoin Breakout Still Lacks Funding Support
CryptoQuant analyst Darkfost posted on X platform, pointing out that Bitcoin has been oscillating around the key support level of $60,000 for nearly 165 days, failing to hold firm and reignite upward momentum. One core reason is the market's lack of new liquidity. Over the past 30 days, the net outflow of stablecoin reserves from Binance and Bybit has approached $2.3 billion. New demand, whether flowing into Bitcoin or the entire crypto market, remains weak. Since the beginning of this year, stablecoin reserves on exchanges have continued to decline. This rather pessimistic market sentiment continues to restrict the funding support needed for Bitcoin to break out of its current consolidation range.However, as regulatory measures like the GENIUS Act require stablecoins to improve compliance, the decentralized nature of the stablecoin ecosystem may be weakened. In the long term, Bitcoin's decentralized characteristics could thereby become more prominent.
CryptoQuant: Binance Monthly Futures Trading Volume Reaches $1.6 Trillion, Setting New High for the Year
According to a report released by CryptoQuant analyst maartunn, Binance's monthly futures trading volume has climbed to $1.6 trillion, the highest level this year. Despite the current Bitcoin price still hovering in the mid-$60,000 range, generally cautious market sentiment, and multiple headwinds such as the European MiCA regulatory adjustment period and the summer trading off-season, momentum in Binance derivatives trading has not subsided, indicating that traders are still actively establishing futures positions.
CryptoQuant Analyst: Bitcoin Attempting to Reclaim Active Supply Cost Basis, ~$70,400 Becomes Key Level
Odaily News: CryptoQuant analyst Darkfost stated that Bitcoin (BTC) is currently attempting to reclaim the "Active Supply Cost Basis" level.Darkfost noted that active supply refers to all BTC that has been transferred at least once within the past 7 years. By excluding long-dormant Bitcoin, a more accurate average cost basis that aligns with the current market structure can be obtained, with its Realized Price standing at approximately $70,400.He stated that the last time Bitcoin successfully reclaimed this level was in early April, before the market fell back below this zone again in early June, with sellers reasserting dominance.Darkfost said that if BTC can sustain its position above the active supply cost basis this time, it could signal the market is forming a longer-term uptrend, rather than the brief breakout that lasted only about two months previously.This metric is commonly used by the market to observe changes in long-term holder costs and Bitcoin market cycle status. Whether BTC can firmly hold near the $70,400 level will become a key indicator for future bullish and bearish forces.
Data: Solana Stablecoin Active Addresses Exceed 1.7 Million, On-Chain Stablecoin Scale Reaches $16.3 Billion
Odaily News: CryptoQuant analyst Darkfost posted on X platform, stating that Solana ecosystem data shows the total scale of stablecoins on the Solana chain has reached $16.3 billion. Among them, USDC accounts for approximately $6.8 billion, representing 42.8%; USDT accounts for approximately $2.9 billion, representing 18.2%; USDG accounts for approximately $1.2 billion, representing 7.4%.Meanwhile, the number of active stablecoin addresses on Solana has reached 1.7 million, setting a new historical record, indicating that the demand for stablecoins on the network continues to grow.
Bitcoin whales have accumulated approximately 43,000 BTC over the past 60 days, valued at $2.75 billion, ending months of selling
Odaily News: Data from on-chain analytics platform CryptoQuant shows that large Bitcoin holders have accumulated approximately 43,000 BTC over the past 60 days, valued at around $2.75 billion. This group excludes exchange and mining pool wallets, and this accumulation marks the end of a net selling phase that had lasted for several months. After Bitcoin fell to around $60,000, large holders resumed buying; since then, Bitcoin has rebounded to approximately $65,000, with trading mostly ranging between $62,000 and $65,000 in recent weeks. During the same period, the balances of "dolphin" holders as defined by CryptoQuant also increased, indicating that accumulation is not limited to the largest wallets. Spot trading volume in August fell to its lowest monthly level since August 2021. (Bitcoin.com News)
Exchange Stablecoin Reserves Shrink 20%, Binance Share Rises Against the Trend to 68.5%
According to BeInCrypto, CryptoQuant data shows that centralized exchange stablecoin reserves fell from a high of about $80 billion at the end of 2025 to about $64 billion, shrinking by about $16 billion (about 20%). Among them, Binance showed relative resilience, with its stablecoin share rising from just over 60% to 68.5%, while platforms such as Coinbase, Bybit, and OKX saw more significant reductions. Meanwhile, on-chain analysis platform Santiment detected that pessimistic sentiments such as "crypto is dead" on X and Reddit continued to intensify, with the Crypto Fear & Greed Index currently at 46, still in the fear zone. The total stablecoin supply also fell from a high of nearly $316 billion in May to $300.89 billion, but the decline was far lower than on the exchange side, indicating that some liquidity may have shifted on-chain rather than exiting completely.
Analysis: Low selling pressure from long-term holders, Bitcoin has remained in the low-risk zone for 78 consecutive days
CryptoQuant analyst Axel Adler Jr. released an analysis indicating that Bitcoin is currently trading at approximately $64,200, 1.30 times the long-term holder cost basis of $49,400, and has remained in the low-risk zone for 78 consecutive days. Long-term holder holdings amount to 16.35 million BTC, only 58,000 less than the all-time high of 16.41 million set on July 30; over the past 90 days, this group's supply increased by 1.38 million BTC.
CryptoQuant：潜在「丢失」比特币创历史新高，约占流通供应量的 17.7%
CryptoQuant 分析师 Darkfost 表示，超过 10 年未发生移动的比特币已达 356 万枚，占当前流通供应量约 17.7%，创历史新高。过去 30 天又有超 1.4 万枚 BTC 进入这一长期休眠区间。
Coldcard hack losses estimated at 1,816 BTC, CryptoQuant confirms 1,432
Odaily News: Hardware wallet Coldcard has suffered a hack, with no confirmed total loss amount yet. Blockchain analytics platform CryptoQuant has confirmed losses of 1,432 BTC, while Galaxy Research places a high-confidence minimum estimate at 1,730 BTC. Other analyses suggest the scale of losses could be even higher. Research firm Galaxy Research stated that its earlier estimate of 1,816 BTC represents a potential figure, not a confirmed total. As of Tuesday, the firm's confirmed high-confidence minimum loss stands at 1,730 BTC, with over 450 BTC directly confirmed based on victim reports. Blockchain intelligence firm TRM Labs estimates that the attacker moved approximately 1,816 BTC from more than 5,200 addresses in four phases. CryptoQuant stated that its confirmed figures only include addresses publicly disclosed by victims and verified through on-chain patterns, meaning the tally could rise as more victims come forward with information. (Cointelegraph)
Bitcoin Small-Value Transfers Hit New High Since FTX Collapse, Coldcard Security Incident Sparks Self-Custody Debate
as the suspected hacking incident involving Coldcard wallets continues to unfold, Bitcoin small-value transfers have surged significantly, reaching their highest level since the FTX exchange collapse, reigniting market discussions on Bitcoin self-custody security.Julio Moreno, Head of Research at CryptoQuant, disclosed data on X platform showing that the number of on-chain Bitcoin transfers below 1 BTC has risen to its highest level since November 2022, with approximately 39,600 BTC transferred in a single day—only about 300 BTC below the record of 39,900 BTC set on November 16, 2022, just days after FTX filed for bankruptcy. He believes that users proactively taking action to address risks is a positive signal. Additionally, Eric Balchunas, Senior ETF Analyst at Bloomberg, noted that Bitcoin ETFs, backed by a mature regulatory framework and convenience, may offer some users a safer investment approach.However, industry insiders point out that the Coldcard incident more likely reflects issues with a single wallet provider or specific security processes, rather than indicating a failure of the entire Bitcoin self-custody system. This event once again highlights the importance of security awareness, risk diversification, and wallet usage habits in personal asset management.
Coldcard Hacked Triggers Massive Bitcoin Transfer, Daily Active Addresses Hit Nearly 8-Month High
According to CryptoQuant Head of Research Julio Moreno (@jjcmoreno), following the hack of Coldcard hardware wallets, users transferred Bitcoin on a large scale due to security concerns. On-chain data shows that Bitcoin daily active addresses surged from 645,000 on July 30 to nearly 1 million on July 31, marking the highest single-day level since December 10, 2024, with active sending addresses rising significantly while receiving addresses saw relatively limited growth. Meanwhile, daily exchange deposit volume for single transactions under 10 BTC soared to 7,300 BTC, the highest since February 6 this year.
Analysis: Low selling pressure from long-term holders, Bitcoin has remained in the low-risk zone for 78 consecutive days
CryptoQuant analyst Axel Adler Jr. released an analysis indicating that Bitcoin is currently trading at approximately $64,200, 1.30 times the long-term holder cost basis of $49,400, and has remained in the low-risk zone for 78 consecutive days. Long-term holder holdings amount to 16.35 million BTC, only 58,000 less than the all-time high of 16.41 million set on July 30; over the past 90 days, this group's supply increased by 1.38 million BTC.
CryptoQuant: Gate's Crypto Stock Perpetual Contracts Fastest Growing in the Industry in July, Up 308% Month-over-Month
According to Odaily, CryptoQuant's latest report, "Wall Street, Always On," shows that in July 2026, trading volume for traditional financial stock perpetual contracts on crypto exchanges reached approximately $250 billion, up about 17 times from April. Among them, Gate's related trading volume in July was approximately $15 billion, up about 26 times from April, representing a 308% month-over-month increase, making it the fastest-growing exchange among the platforms covered in the report.The report notes that Gate's perpetual contract trading has maintained steady triple-digit growth for three consecutive months, with May, June, and July seeing month-over-month increases of approximately 131%, 177%, and 308%, respectively, showing an accelerating trend. CryptoQuant stated that compared to the episodic growth seen on some platforms, Gate's sustained growth better reflects the continuous penetration of traditional financial asset trading demand into crypto trading infrastructure, "which makes Gate an exchange worth watching in the crypto-stock race."CryptoQuant indicated that crypto trading platforms are gradually becoming 24/7 trading gateways connecting Crypto and Wall Street, with trading demand from traditional stock markets accelerating its extension into crypto infrastructure. As Gate continues to expand its diversified asset services, including stocks and ETFs, CFDs, Pre-IPOs, direct IPOs, and tokenized securities like gStocks, the platform is further strengthening the connection between traditional financial assets and digital asset trading ecosystems, providing global users with a more flexible and efficient multi-asset trading experience.
Data: Trump Family-Linked Stablecoin USD1 Surpasses $50 Billion in Cumulative Trading Volume on Binance
Odaily News: CryptoQuant analyst Darkfost posted on platform X, stating that the cumulative trading volume of the Trump family-linked stablecoin USD1 on Binance has surpassed $50 billion. Data shows that since its launch over a year ago, USD1 has experienced rapid growth in trading scale. The stablecoin was launched by World Liberty Financial in March 2025, a project co-founded with the participation of the Trump family. USD1 is primarily backed by U.S. dollars and short-term U.S. Treasury assets, and adopts an institutional-oriented compliance framework. Currently, the market cap of USD1 has exceeded $4 billion.
Analysis: US Treasury Yields Rise to Highs, Four Major Risk Factors Weighing on Bitcoin Rebound
CryptoQuant analyst Axel Adler pointed out in a weekly report analysis that the US 10-year Treasury yield has recently risen to approximately 4.7%, approaching the upper limit of the range over the past five years. The high-interest rate environment is tightening financial conditions, raising financing costs and asset discount rates, and increasing pressure on risk assets.
Analyst: Stablecoin Reserve Decline Signals Liquidity Contraction, Bitcoin Breakout Still Lacks Funding Support
CryptoQuant analyst Darkfost posted on X platform, pointing out that Bitcoin has been oscillating around the key support level of $60,000 for nearly 165 days, failing to hold firm and reignite upward momentum. One core reason is the market's lack of new liquidity. Over the past 30 days, the net outflow of stablecoin reserves from Binance and Bybit has approached $2.3 billion. New demand, whether flowing into Bitcoin or the entire crypto market, remains weak. Since the beginning of this year, stablecoin reserves on exchanges have continued to decline. This rather pessimistic market sentiment continues to restrict the funding support needed for Bitcoin to break out of its current consolidation range.However, as regulatory measures like the GENIUS Act require stablecoins to improve compliance, the decentralized nature of the stablecoin ecosystem may be weakened. In the long term, Bitcoin's decentralized characteristics could thereby become more prominent.
CryptoQuant: Binance Monthly Futures Trading Volume Reaches $1.6 Trillion, Setting New High for the Year
According to a report released by CryptoQuant analyst maartunn, Binance's monthly futures trading volume has climbed to $1.6 trillion, the highest level this year. Despite the current Bitcoin price still hovering in the mid-$60,000 range, generally cautious market sentiment, and multiple headwinds such as the European MiCA regulatory adjustment period and the summer trading off-season, momentum in Binance derivatives trading has not subsided, indicating that traders are still actively establishing futures positions.
Related news
CryptoQuant Analyst: Bitcoin Attempting to Reclaim Active Supply Cost Basis, ~$70,400 Becomes Key Level
Odaily News: CryptoQuant analyst Darkfost stated that Bitcoin (BTC) is currently attempting to reclaim the "Active Supply Cost Basis" level.Darkfost noted that active supply refers to all BTC that has been transferred at least once within the past 7 years. By excluding long-dormant Bitcoin, a more accurate average cost basis that aligns with the current market structure can be obtained, with its Realized Price standing at approximately $70,400.He stated that the last time Bitcoin successfully reclaimed this level was in early April, before the market fell back below this zone again in early June, with sellers reasserting dominance.Darkfost said that if BTC can sustain its position above the active supply cost basis this time, it could signal the market is forming a longer-term uptrend, rather than the brief breakout that lasted only about two months previously.This metric is commonly used by the market to observe changes in long-term holder costs and Bitcoin market cycle status. Whether BTC can firmly hold near the $70,400 level will become a key indicator for future bullish and bearish forces.
CryptoQuant Founder: Bitcoin Spot and Perpetual Futures Demand Turns Positive for First Time Since October 2025
Odaily News, CryptoQuant founder Ki Young Ju stated on the X platform that Bitcoin spot and perpetual futures demand has turned positive for the first time since reaching an all-time high in October 2025. The scale of demand remains relatively small, but if this trend continues for a month, it can be reasonably concluded that the bear market has ended and a new bull market cycle has begun.
Data: Solana Stablecoin Active Addresses Exceed 1.7 Million, On-Chain Stablecoin Scale Reaches $16.3 Billion
Odaily News: CryptoQuant analyst Darkfost posted on X platform, stating that Solana ecosystem data shows the total scale of stablecoins on the Solana chain has reached $16.3 billion. Among them, USDC accounts for approximately $6.8 billion, representing 42.8%; USDT accounts for approximately $2.9 billion, representing 18.2%; USDG accounts for approximately $1.2 billion, representing 7.4%.Meanwhile, the number of active stablecoin addresses on Solana has reached 1.7 million, setting a new historical record, indicating that the demand for stablecoins on the network continues to grow.
Bitcoin whales have accumulated approximately 43,000 BTC over the past 60 days, valued at $2.75 billion, ending months of selling
Odaily News: Data from on-chain analytics platform CryptoQuant shows that large Bitcoin holders have accumulated approximately 43,000 BTC over the past 60 days, valued at around $2.75 billion. This group excludes exchange and mining pool wallets, and this accumulation marks the end of a net selling phase that had lasted for several months. After Bitcoin fell to around $60,000, large holders resumed buying; since then, Bitcoin has rebounded to approximately $65,000, with trading mostly ranging between $62,000 and $65,000 in recent weeks. During the same period, the balances of "dolphin" holders as defined by CryptoQuant also increased, indicating that accumulation is not limited to the largest wallets. Spot trading volume in August fell to its lowest monthly level since August 2021. (Bitcoin.com News)
Exchange Stablecoin Reserves Shrink 20%, Binance Share Rises Against the Trend to 68.5%
According to BeInCrypto, CryptoQuant data shows that centralized exchange stablecoin reserves fell from a high of about $80 billion at the end of 2025 to about $64 billion, shrinking by about $16 billion (about 20%). Among them, Binance showed relative resilience, with its stablecoin share rising from just over 60% to 68.5%, while platforms such as Coinbase, Bybit, and OKX saw more significant reductions. Meanwhile, on-chain analysis platform Santiment detected that pessimistic sentiments such as "crypto is dead" on X and Reddit continued to intensify, with the Crypto Fear & Greed Index currently at 46, still in the fear zone. The total stablecoin supply also fell from a high of nearly $316 billion in May to $300.89 billion, but the decline was far lower than on the exchange side, indicating that some liquidity may have shifted on-chain rather than exiting completely.
Analysis: Low selling pressure from long-term holders, Bitcoin has remained in the low-risk zone for 78 consecutive days
CryptoQuant analyst Axel Adler Jr. released an analysis indicating that Bitcoin is currently trading at approximately $64,200, 1.30 times the long-term holder cost basis of $49,400, and has remained in the low-risk zone for 78 consecutive days. Long-term holder holdings amount to 16.35 million BTC, only 58,000 less than the all-time high of 16.41 million set on July 30; over the past 90 days, this group's supply increased by 1.38 million BTC.