Viewpoint: Bitcoin Held Below $72K, On-Chain Four Metrics Show Weakening Demand

BlockBeats News, March 26th, according to Cointelegraph, the price of Bitcoin continues to be under pressure below $72,000, and on-chain data indicates a weakening market demand, with the short-term upside potential being capped.

Data shows that investor behavior has shifted from "accumulation" to "distribution," with both whales and small to medium hodler addresses showing signs of selling or halting accumulation; at the same time, the activity of large transactions has dropped to a multi-month low, with smart money in the market choosing to wait and see amid policy (such as the "Clarity Act") and geopolitical uncertainty.

Furthermore, on-chain activity continues to decline, including core indicators such as active addresses and transaction volume, reflecting a soft overall network demand. The mining side is similarly under pressure, with Bitcoin's network hashrate dropping by around 22% from its early March peak; against the backdrop of rising energy costs, mining profitability has decreased, leading to some mining facilities being shut down, intensifying concerns in the market about "miner capitulation" and potential selling pressure.