As Bitcoin experiences another wave of price retracement, market analysts are debating whether the recent dip signals a temporary correction or the beginning of a larger downturn. According to CryptoQuant analyst Crazzyblockk, long-term holders are providing critical support levels—yet signs of caution persist across key on-chain indicators.
On-Chain Metrics Suggest Elevated Risk
In his April 15, 2025 report, Crazzyblockk points to sustained high-risk levels within Bitcoin’s on-chain activity. The current correction was triggered by U.S. President Donald Trump’s announcement of new import tariffs on April 7, which coincided with BTC’s slide from near $84,000 to around $76,000.
While panic selling initially raised fears of a market-wide crash, major whale wallets responded by buying the dip, signaling that the move may be more of a healthy correction than a market breakdown. As noted by Crazzyblockk, this behavior suggests a consolidation phase rather than a capitulation event.
Most Investors Are Still in Profit
Data from IntoTheBlock as of April 15 shows that only 10% of Bitcoin addresses are currently in loss, while 88% remain in profit, with many having acquired BTC at significantly lower levels. Interestingly, the underwater 10% primarily includes around 5.25 million wallets that bought Bitcoin during its all-time highs at an average of $96,517. These wallets are now holding approximately 3.61 million BTC, largely inactive, suggesting strong long-term conviction.
This dynamic supports Crazzyblockk’s view that while Bitcoin is showing signs of fragility, the market has yet to reach a full-blown bearish phase.
Long-Term Holders Remain Unshaken
Another key insight from CryptoQuant and IntoTheBlock is that 74% of Bitcoin holders have held their coins for over a year, and 22% have held for 1–12 months. Only 4% of the market is made up of short-term traders, which explains why there hasn’t been a massive sell-off despite the ongoing correction.
This long-term holding pattern has been a reliable foundation for Bitcoin in previous downturns, and analysts believe it continues to offer crucial support.
Whale Accumulation Continues—but Selectively
According to market researcher Miles Deutscher, wallets holding between 1,000 and 10,000 BTC increased their positions during the recent pullback. However, as Crazzyblockk points out, these inflows have not yet reached broader market participation, meaning that accumulation remains localized rather than market-wide.
This may explain why Bitcoin’s price action remains relatively muted despite positive sentiment among whales and strong fundamentals.
Outlook: Recovery Requires Broader Participation
While Bitcoin’s fundamentals remain solid—buoyed by loyal long-term holders and select whale activity—analysts warn that a sustained rally will require wider investor engagement. Until then, BTC may continue to trade within a range, with upside potential limited by cautious sentiment and macroeconomic uncertainty.
Turkish NY Radio will continue to monitor the evolving dynamics of Bitcoin’s on-chain behavior and market response, offering timely insights into investor psychology and technical trends.
Source:
CryptoQuant – Bitcoin On-Chain Metrics
https://cryptoquant.com
IntoTheBlock – Bitcoin Address Profitability (April 15, 2025)
https://app.intotheblock.com
Miles Deutscher – Market Commentary and Whale Activity
https://twitter.com/MilesDeutscher
