![Biyond Weekly: What's Going On On-Chain](https://biyond.co/admin/uploads/image/blog/biyond-weekly-whats-going-on-on-chain-june-9.jpg)
This week I will be giving an unbiased view of the on-chain metrics that I usually study to determine if Bitcoin's recent price drop can continue or indeed if Friday was a temporary wobble.
Based on liquidation data it certainly appeared that the drop helped to get rid of many leveraged traders, which is not uncommon before large price rises.
Source: Coinglass.com
I also recall BTC having a large wipeout towards 10,000 and slightly under in 2020 right before we saw a rampage towards the 20,000 level post-election.
Starting with BTC Mean Dollar Invested Age (that shows the average time that all current BTC holders have held their coins), and this metric has been creeping down lately, which has been a great sign for bulls given it's inverse correlation with price.
Source: Santiment.net
On Friday's this metric started to rise. Next week we need to close attention as a rising trend would be very bearish.
Next we come to BTC Supply on Exchanges. This metric is really bullish given the continuous reduction of BTC, hiring at a price shock ahead.
Source: Santiment.net
One thing to note is that Bitcoin has had a period of consolidation while the drop has intensified. Is it time for the BTC price to play catch up?
Considering whale behaviour is always important, and recently the whale behavior, according to Santiment, has been weak.
This week I have also seen other data providers sending out some really positive whale data lately.
Source: Santiment.net
However, as Santiment has Shark and Mid-tier whale addresses activity muted we might need to see both these whales buying heavily before BTC ignites higher once again.
The Supply Held by Miners metric shows that miners have fast been dumping BTC since March time.
Source: Santiment.net
There was a time when Miners were considered the ultimate smart money, so this metric is slightly alarming given the continued drop.
I guess the only saving grace is BTC is still close to $70,000 despite the drop, so that is a testament to the durability BTC has to sustain this pressure.
And finally, the Total Supply In Profit. Thankfully, this metric is starting to drop, which is actually a great sign.
Source: Santiment.net
No doubt this is due to Friday's correction, now it remains to be seen if the drop of Supply In Profit is enough.
Overall, there is some very mixed on-chain data happening now that goes against the "Bitcoin is ready to breakout anytime to new ATH narrative".
The potential for a further Long flush out and the return of miners and whale buying is something to be especially on guard for next week.