How Do On-Chain Metrics Explain Bitcoin Volatility? Part 1 [Report]

In this report, we take a closer look at Bitcoin’s price fluctuations by examining the detailed blockchain data that underpins market behavior. Using reliable on-chain metrics collected from 2021 to 2025, we explain how routine activities—such as miner operations, liquidity movements, and investor decisions—affect Bitcoin’s market performance.

We explore various market components, including institutional investment trends, exchange activities, user engagement, and holding patterns, to show how different factors contribute to market volatility during bullish and bearish phases.

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