Bitcoin prices continue to be pressured below $72,000. Data from four chains indicates weakening market demand, limiting short-term upside potential:
1. Glassnode's Accumulated Trend Score (ATS) is near zero, indicating that large holders are reducing or ceasing BTC accumulation. This trend is similar to that of early 2025, when Bitcoin prices fell to $74,500. Small to medium-sized holders (less than 1,000 BTC) are also showing signs of "distribution or inactivity."
2. Santiment points out that Bitcoin whale activity is "historically sluggish," with only 6,417 transactions exceeding $100,000 last week, and transactions exceeding $1 million dropping to 1,485, the lowest level since October 2024. Analysts suggest that smart money is cautiously observing due to uncertainty surrounding the CLARITY Act and the prospect of war.
3. CryptoQuant's network activity index has been declining since August 2025, reflecting a weakening of overall on-chain demand. Bitcoin Vector's fundamental metrics also show weak network liquidity and growth, with the market condition described as "unsupported stability." Short-term gains rely more on fund flows, short covering, or external catalysts than on natural growth.
4. Bitcoin's hashrate has dropped significantly in recent weeks to 813 EH/s, a 22% decrease from 1.2 ZH/s on March 5th. Rising energy costs and geopolitical conflicts have resulted in hashrate revenue of less than $34 per PH/s/day, leaving most miners facing losses. Token Metrics analysts warn that if the difficulty drops by more than 5% within a week, miner exits will accelerate, potentially increasing selling pressure on the spot market.