Bitcoin’s price remains stable near $66,800, but on-chain data reveals a complex picture. Large holders, or “whales,” are accumulating while broader network activity weakens significantly. Analysts report that a key metric, the RVTS Ratio, has hit a record high, signaling historically low usage of the Bitcoin blockchain for economic transactions. This combination suggests a period of quiet accumulation by major investors amid widespread market uncertainty.
Bitcoin whale behavior shows steady accumulation, according to CryptoQuant on-chain data. Both new and existing whales continued holding positions despite weakening network activity signals.
The Net Unrealized Profit/Loss metric has fallen into negative territory at -0.2%. This indicates many investors hold few unrealized gains, potentially reducing immediate selling pressure.
Analyst Joao Wedson from Alpharactal reported that the RVTS Ratio has increased exponentially to an all-time high. “Bitcoin just reached the highest RVTS Ratio in history, which means network utilization is now at the lowest level we have ever seen,” he stated.
Wedson pointed out that rising RVTS corresponds with falling activities throughout the Bitcoin network. Historically, such extreme values have occurred at cycle lows or periods of low participation.
Bitcoin price analysis based on CoinMarketCap data shows the asset trading near $66,800 with little change. Trading volume has plummeted, consistent with the drop in the network’s economic activity.
Intraday charts show Bitcoin experiencing lateral price action between $66,000 and $68,000. Price action has repeatedly faced rejection near resistance without strong breakouts occurring.
The analysis indicates whales are likely building long positions ahead of a potential larger move. However, weak participation can slow down or prevent any possible breakout scenario.
