Bitcoin’s price stability belies a significant drop in underlying network activity, according to on-chain data. The Realized Value Transaction Volume (RVTS) Ratio has reached a record high of 85, indicating that adjusted on-chain volume is shrinking relative to valuation. While the price holds near $66,940, long-term holders are absorbing supply, and exchange reserves are near multi-year lows, reducing available sell pressure.
Bitcoin’s market has slipped into a quiet imbalance where price strength no longer reflects underlying network activity. At the time of writing, the RVTS Ratio had climbed towards 85, its highest level ever.
When this ratio rises, it means adjusted on-chain volume is shrinking relative to valuation. In effect, it implied that the price might be holding firm, even as network usage fades.
This may be happening because liquidity and derivatives now dominate price discovery, while spot-driven activity has weakened. As a result, capital circulates off-chain, reducing the need for on-chain settlement.
Bitcoin was valued at close to $66,940, well above the $65,800 support level. The narrow $66,569–$67,200 range hinted at consolidation but also alluded to limited conviction.
However, the Spot Taker CVD has continued to rise and point to underlying buy pressure. When the RVTS remains elevated yet the market cannot defend its floor, the low-activity reading shifts from potential accumulation to a demand vacuum.
In this context, ownership changes even as activity stays low. The Long-Term Holder supply climbed to 14.90 million BTC, suggesting experienced holders may be absorbing the supply.
Meanwhile, Exchange Reserves were near 2.7 million BTC, close to multi-year lows, reducing available supply on the market. This happens because selling pressure fades as stronger hands take control.
