Bitcoin is moving through a rare and fragile phase where multiple onchain signals are compressing at once.

Apparent Demand has remained deeply negative for weeks, showing the market is absorbing more supply than new spot buyers are willing to take on. Price drifting sideways in this environment usually points to distribution being quietly digested rather than strong accumulation. Historically, these demand deficits tend to form near important cycle transitions.

Whale balances have finally stabilized after a year of steady selling. Large holders are no longer aggressively distributing, but they are also not committing to accumulation yet. This neutral stance often represents the calm before a decisive shift in direction.

The dolphin cohort continues to contract on a monthly basis, suggesting mid sized holders are still cautious and waiting for confirmation. This group is often early in trend changes, and their hesitation keeps the structure vulnerable.
Coinbase Premium staying neutral to negative confirms weak US spot demand, making upside moves harder to sustain while downside liquidity remains exposed.

$BTC is coiling inside a demand imbalance. Volatility pressure is building. When spot demand turns positive and whales step back in, the next major trend is likely to ignite quickly.

#BTC #GoldandSilverHitNewHighs