📊 / On-Chain & Futures Analysis

— Weekly Market Brief

On-chain data paints a constructive picture. The average cost basis on accumulation addresses sits at $72,400.

Short-term holders (<155 days) hold ~6M $BTC and are currently in unrealized loss, while long-term holders have nearly stopped selling and whale wallets continue to accumulate.

Exchange $BTC reserves have fallen to their lowest level since 2017, and the Coinbase Premium Index turned positive on February 25 - the selling pressure from US investors seen in late 2025 and early 2026 has clearly shifted to steady demand.

On the futures side:

• Short liquidation cluster at $78K–$82K

• Funding rate neutral, OI stable at $1.4T globally

• Basis in normal range at 0–1%