The cow returns quickly? 4 pictures to understand the on-chain data trends

The price of Bitcoin exceeded $94,000 again today, and altcoins rose accordingly. Behind this wave of market, has the on-chain data released a bull market signal? By analyzing key indicators such as transaction volume, wallet address and currency holding distribution, we can see through market trends from the underlying logic.

Is it a temporary fluctuation led by institutions, or is it a future carnival lurking under the giant whale on the chain?

Trading volume and market popularity

Source:bitsCrunch.com

According to bitsCrunch data, in the past 24 hours, the transaction volume

of the entire network reached US$39.9 billion, the number of transactions exceeded 7.2 million, and the number of independent addresses participating in the transaction was 3.03 million, involving 13,800 tokens. Since July 2023, trading volume has continued to climb from the bottom 2M to 10M, especially after April 2024, the growth rate has accelerated and market liquidity has increased significantly. Although the number of on-chain transactions fell sharply in March this year, it generally showed a short-term upward trend.

Trader structure

Source:bitsCrunch.com

Trader Trend Charts reveals fluctuations in the number of on-chain traders since 2023. According to bitsCrunch data, in October 2023, the number of traders fell below 2M, but rebounded rapidly to 8M in the second half of 2024 and maintained a relatively high in January 2025. This change is highly consistent with the "recovery-explosion" stage of the market cycle. It is worth noting that the growth of the number of traders is not linear, and there are short-term pullbacks in every quarter (such as May and August). The explosive news can also be seen from the figure to phased adjustments to the sentiment of institutional investors and retail investors. However, the current number of daily active traders at 3.03M is still at a relatively low point, only one-third of the peak period, and further observation is needed.

Distribution of on-chain token holdings

Source:bitsCrunch.com

Among the traders mentioned above, bitsCrunch further classifies wallet addresses according to different positions. Currently, there are 1,052 "Mega Whale" wallets holding assets of more than US$100 million, while although the number of retail investors (Shrimp, < US$10,000) wallets account for an absolute majority, about 214M, the overall amount is far less than that of Giant Whale holdings. This kind of "28-8" division is particularly typical in the financial market - giant whales often take the lead in entering the market to absorb funds, and then small and medium-sized funds follow up to push up asset prices. It is worth noting that the number of wallets at the "Dolphin" (1M-10M) and "Fish" (10K-100K) levels also provides key support for market liquidity.

Token Ecology

Source:bitsCrunch.com

As can be seen from the above figure, Polygon on-chain transactions are relatively stable, and its daily transactions are stable at around 4K. It is worth noting that according to bitsCrunch Ethereum on-chain data, at the beginning of 2025, Ethereum on-chain behavior had fallen sharply, while the price reflection was even more lagging. With the launch of more Layer1s, the activity of the Ethereum ecosystem will decrease or reconstruct the market structure.

Conclusion

Although Bitcoin returns to 90,000, and many copycats have increased significantly, the current market downlink trading volume has not yet returned to a relatively active level. With the parallelization of news policies and supervision in 2025, the structure of on-chain traders is also more diversified, and giant whales and retail investors are active simultaneously. Even with new hot spots and tracks, investors still need to pay attention to marginal changes in data, remain rational in the fanatical market, and pay attention to tracking giant whale actions to avoid short-term selling pressure that may be caused by the high concentration of capital distribution.