Bitcoin Market Structure Reflects 2021’s Lessons Amid Downturn

Amid recent market shifts, a CryptoQuant analyst highlights Bitcoin’s market structure, noting the lowest exchange reserves in a decade, suggesting a limited supply for potential selling.

This scenario signals a mature market resilience, contrasting previous panic phases, potentially setting the stage for Bitcoin’s next uptrend, despite current market volatility.

Record-Low Exchange Reserves Signal Market Shift

Exchange reserves are at a decade low, contrasting with previous panic phases where reserves increased, amplifying selling pressure. This time, lower reserves indicate a stiffer market and limited supply for sale, reinforcing Bitcoin’s resilience. The shift signifies a transformation in market dynamics compared to past cycles.

Long-term holders maintain steady holds, with the SOPR (Spent Output Profit Ratio) remaining close to neutral. This change suggests investors engage in cautious profit-taking instead of fear-driven selling. Their behavior indicates a stable foundation, limiting severe price downturns.

A very mature moment for Bitcoin. During Friday’s crash, spot volume hit $44B (near cycle highs), futures $128B, while OI dropped $14B with only $1B in BTC long liquidations. 93% of OI decline wasn’t forced — this was a controlled deleveraging, not a cascade.
— Axel Adler Jr., Senior Analyst, CryptoQuant

Bitcoin Price Holds Steady Amidst Market Uncertainty

Did you know? In March 2020, a major market downturn led to significant whale accumulation, resulting in a swift V-shaped recovery. The resilience seen today is reminiscent of the strategic accumulation phases that followed past market setbacks.

Bitcoin, with a current price of $106,632.03, has a market cap of 2,125,817,497,720.00. The 24-hour trading volume reached $105.01 billion, representing a 23.75% change. Prices fell by 1.76% over 24 hours, 9.09% over 7 days, and 9.58% over 90 days. Data sourced from CoinMarketCap as of October 17, 2025, supports detailed market trends and behaviors.

The Coincu research team expects continued market consolidation, with low exchange reserves and steady long-term holders potentially setting the stage for an uptrend. Analysts suggest that historical patterns indicate a mature response to leveraged positions, fostering a conducive environment for recovery.