Bitcoin Range-Bound Stalemate Awaits Breakthrough, On-Chain Data Reveals U.S. Capital Absence as Core Obstacle

The current Bitcoin market is constrained by a significant absence of U.S. spot demand. Although on-chain data does not indicate extreme overheating or panic, the core driving force needed to break out of the consolidation zone remains lacking. Meanwhile, the Bitcoin reserve strategies of public companies, represented by Strategy, have fallen into difficulty due to competition from ETFs, forcing these enterprises to shift from net buyers to net sellers, further weakening the buy-side support in the market. Until spot demand shows substantive recovery, Bitcoin is expected to continue fluctuating within its current range, and participants are advised to remain vigilant.

CryptoQuant analysts point out that this stagnation is not accidental but stems from a deep-seated imbalance in capital structure. As of the quote price of approximately $78,419, on-chain indicators show the market at a delicate equilibrium point. According to the Delta-Thermo Market Multiple (DTMM) indicator, the current reading is 2.03. Although this is above the 1.5 threshold that represents the accumulation phase, indicating that the market has exited the bottom accumulation zone, it remains below the 2.5 threshold that signals the onset of the expansion phase, confirming the current neutral range-bound characteristic.