Binance Research: Four On-Chain Signals Indicate Bitcoin Supply Tightening

According to Binance Research, four on-chain metrics suggest that Bitcoin supply continues to tighten and selling pressure is nearing exhaustion: ① Nearly 60% of Bitcoin supply has remained unmoved for a year, with the supply dormancy rate at a historical high; ② The SLRV ratio is at a historical low range, with long-term holders dominating supply while short-term speculators exit in large numbers; ③ Bitcoin balances on exchanges have dropped from a COVID-era peak of 17.6% to 15.0%, with approximately 500,000 BTC permanently flowing out of exchanges, reducing available sell-side supply to a six-year low; ④ After being below 1.0 for an extended period, the short-term holder MVRV has recently returned to 1.0, indicating that short-term holders are beginning to rebuild unrealized profits. Binance Research notes that these signals closely align with characteristics of historical cycle bottoms.