# On-Chain Related Articles

HTX News Center provides the latest articles and in-depth analysis on "On-Chain", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

BTC Market Pulse: Week 09

The broader Bitcoin market shows a softening in upward momentum with increased selling pressure, indicating a potential shift from a buyer's market toward a more balanced state. Trading volume has declined, suggesting recent price changes lack strong liquidity support and may lead to higher volatility. Derivatives markets reflect balanced risk, with a slight uptick in long positions and cautious optimism. Options activity has risen, pointing to increased speculation or hedging. Fundamentally, network user engagement grew, but transaction pressure decreased, alongside reduced ETF unrealized gains and capital inflows, signaling institutional caution. Overall, the market exhibits balanced dynamics with a tilt toward cautious optimism and potential for increased volatility.

insights.glassnode02/23 17:05

insights.glassnode02/23 17:05

Bitcoin’s Network Distribution Factor Plunge Signals A Redistribution Event

Bitcoin's Network Distribution Factor (NDF) is declining sharply, indicating a significant structural shift in BTC supply distribution. The NDF measures the proportion of total supply held by large entities controlling at least 0.01% of circulating BTC. A falling NDF suggests reduced concentration among major holders and a broader redistribution of Bitcoin to smaller participants and new entrants. This trend often occurs during market maturation phases following bull cycles, reflecting stronger economic decentralization and reduced structural risk from over-concentration. It signals Bitcoin’s evolution into a more widely distributed global financial network. Additionally, Bitcoin’s fixed supply of 21 million and predominantly individual-owned circulating supply (approx. 63%) reinforce its role as a structurally scarce, decentralized asset resistant to institutional or governmental control.

bitcoinist02/22 13:02

Bitcoin’s Network Distribution Factor Plunge Signals A Redistribution Event

bitcoinist02/22 13:02

Bitcoin Losses Now Equal 19% Of Market Cap, Echoing May 2022

Analytics firm Glassnode reports that Bitcoin's current market conditions resemble those of May 2022, based on the surge in Relative Unrealized Loss. This metric, which measures the total unrealized losses of all underwater Bitcoin holders as a percentage of the market cap, has risen sharply to 19% amid recent price declines. The current level is the highest since 2023, and the trend mirrors the pattern observed during the onset of the 2022 bear market. Additionally, US spot Bitcoin ETFs are experiencing their largest drawdown in history, with outflows of over 100,300 BTC, indicating institutional de-risking and reinforcing a risk-off market environment. Bitcoin is currently trading around $66,700, showing signs of consolidation.

bitcoinist02/21 07:32

Bitcoin Losses Now Equal 19% Of Market Cap, Echoing May 2022

bitcoinist02/21 07:32

Bubblemaps links Hayden Davis to early major $PUMP dump

Blockchain analytics firm Bubblemaps has linked wallets associated with Hayden Davis to a major early distribution of the $PUMP token. According to their analysis, a wallet invested $50 million USDC into Pump.fun and received 12.5 billion $PUMP tokens at launch, becoming the second-largest private sale participant. Approximately 80% of these tokens were quickly transferred to centralized exchanges, with the remaining supply sold over time through secondary wallets, realizing an estimated $15 million in profit. Despite a steady increase in $PUMP holders, surpassing 320,000 addresses, the token's price has experienced a prolonged downtrend since its launch peak. This divergence suggests a distribution phase where early investors sold into retail demand. Bubblemaps clarified that its report focuses on on-chain behavior and transaction patterns, not alleging wrongdoing, but emphasizes the need for transparency in token launches. Neither Hayden Davis nor Pump.fun has publicly responded to the findings.

ambcrypto02/19 16:22

Bubblemaps links Hayden Davis to early major $PUMP dump

ambcrypto02/19 16:22

When "Old Maps" No Longer Apply: A Review of 8 Failed Classic Crypto Metrics and the Structural Reasons Behind Them

Title: When "Old Maps" No Longer Apply: 8 Failed Classic Crypto Indicators and Their Structural Causes The crypto market in early 2026 is marked by confusion as traditional on-chain and technical indicators have collectively failed. This analysis examines eight key metrics that have lost predictive power and explores the underlying structural market shifts causing their obsolescence. The core findings reveal that institutionalization has fundamentally altered market microstructure. Bitcoin ETF inflows created sustained demand, breaking the pure halving-driven narrative. The 2024 halving's supply reduction became negligible against Bitcoin's multi-trillion dollar market cap. This institutional participation smoothed volatility from over 100% to ~50%, preventing the extreme moves needed to trigger indicators like the Pi Cycle Top (relying on 111-day/350-day MA crossover) and Rainbow Chart (based on logarithmic growth curves). The MVRV Z-Score failed as institutional buying raised the realized value floor, compressing its historical range. The "altcoin season" never materialized because ETF flows went exclusively to Bitcoin, not rotating to altcoins, while AI and precious metals diverted capital from crypto overall. The Fear & Greed Index became unreliable as institutional flows decoupled from retail sentiment. The NVT ratio malfunctioned as on-chain volume no longer represented real economic activity. Finally, PlanB's S2F model failed spectacularly (predicting $500K vs. $120K actual) by ignoring demand-side variables and the impossibility of exponential growth at Bitcoin's current scale. Ultimately, these indicators failed because they relied on outdated assumptions: extreme volatility, retail-driven markets, and pure on-chain data analysis. The market has transitioned from a digital commodity to a macro asset influenced by Federal Reserve policy and global liquidity rather than just halving cycles. Investors must understand these structural changes rather than seeking new universal indicators.

marsbit02/19 03:50

When "Old Maps" No Longer Apply: A Review of 8 Failed Classic Crypto Metrics and the Structural Reasons Behind Them

marsbit02/19 03:50

Sai Launches Perps Platform Combining CEX Speed with Onchain Settlement

Sai has launched Sai Perps, a perpetuals trading platform designed to combine the speed and user experience of a centralized exchange (CEX) with the transparency and self-custody of onchain settlement. The platform offers gasless transactions to reduce friction while maintaining onchain security. Alongside the launch, Sai announced the "Let’s Go Saicho" trading competition, running from February 18 to March 19, 2026, with $25,000 in total prizes. The competition includes a PNL-based phase and a first-come, first-served phase to reward both performance and early participation. Key advantages of Sai Perps include a CEX-like interface, deep liquidity infrastructure, accessibility for all traders, and plans to expand into stocks, commodities, and FX markets. The platform aims to make advanced trading accessible without compromising on transparency or self-custody.

TheNewsCrypto02/18 14:21

Sai Launches Perps Platform Combining CEX Speed with Onchain Settlement

TheNewsCrypto02/18 14:21

PumpMarket Debuts Crypto-Native Prediction Market, Starting With Pump.fun Token Graduations

PumpMarket has launched its devnet, introducing a crypto-native prediction market specifically designed for Pump.fun token graduations. Unlike general prediction markets, it focuses on binary, on-chain outcomes like whether a token will graduate to a decentralized exchange within a one-hour window. Users can stake SOL on YES or NO outcomes without needing to own the underlying tokens, using a parimutuel pool model where winnings are distributed among correct predictors. Built on Solana, the platform leverages real-time on-chain data for transparent resolution and eliminates execution risks associated with spot trading. Future plans include expanding to other prediction categories and ecosystems, with a mainnet launch following the devnet testing phase.

TheNewsCrypto02/18 13:39

PumpMarket Debuts Crypto-Native Prediction Market, Starting With Pump.fun Token Graduations

TheNewsCrypto02/18 13:39

Crypto Stablecoin Liquidity Shifts As Bear Market Deepens – What The Data Reveal

The crypto market faces intense selling pressure as Bitcoin and Ethereum struggle to reclaim key levels, with on-chain data revealing significant shifts in stablecoin liquidity. Stablecoin reserves grew by $11.4 billion in the 30 days before November 5, 2025, but fell $8.4 billion by December 23 as bearish conditions intensified. Outflows have recently slowed to about $2 billion, suggesting potential stabilization, though recovery remains uncertain. Binance dominates stablecoin liquidity, holding $47.5 billion in USDT and USDC—a 31% annual increase—accounting for 65% of all exchange reserves. USDT represents $42.3 billion of Binance’s holdings, while USDC reserves remain flat at $5.2 billion. Other exchanges like OKX ($9.5 billion) and Coinbase ($5.9 billion) lag significantly. The total crypto market cap has retraced from late-2025 peaks near $4 trillion, testing support around $2.3 trillion. Trend indicators show a shift from expansion to consolidation, with subdued buying pressure and elevated selling volume indicating ongoing distribution. The broader uptrend depends on holding long-term support, with a breakdown risking a deeper correction.

bitcoinist02/18 10:03

Crypto Stablecoin Liquidity Shifts As Bear Market Deepens – What The Data Reveal

bitcoinist02/18 10:03

Here’s When Bitcoin’s Next Bull Run Is Likely To Kick Off

Bitcoin's recent price decline has ended the current cycle, but a key on-chain indicator suggests when the next bull run might begin. The Net Unrealized Profit/Loss (NUPL) metric for Long-Term Holders has historically signaled the start of a new bull market when it turns negative, indicating peak pessimism and seller exhaustion. Currently at 0.36, it shows holders are still in profit. Analysts note that when it flips red, it marks maximum depression, coin transfer to stronger hands, and cycle renewal. Additionally, Bitcoin accumulator addresses are aggressively buying, with monthly accumulation reaching 372,000 BTC, indicating long-term confidence and supply absorption.

bitcoinist02/18 05:02

Here’s When Bitcoin’s Next Bull Run Is Likely To Kick Off

bitcoinist02/18 05:02

Monero defends $290 as whale adds 7K XMR – Breakout brewing above THIS?

A major whale has accumulated 7,189 XMR (worth approximately $1.47 million) through structured limit bids between $250 and $315, indicating deliberate accumulation rather than speculative trading. Despite persistent selling pressure from aggressive market participants, Monero (XMR) has held key support at $290, trading around $337 within a tight $290–$360 range. The RSI suggests balanced momentum, while liquidation clusters around $320 and above $350 pose risks for sharp price movements. The ongoing tension between visible selling and hidden demand absorption may lead to a significant breakout once one side loses control, with a move above $350 potentially triggering a short squeeze.

ambcrypto02/17 18:02

Monero defends $290 as whale adds 7K XMR – Breakout brewing above THIS?