VanEck released the mid-October 2025 Bitcoin on-chain report, and the three core points from mid-September to mid-October are as follows:
Liquidity Drives Market Cycles
Growth in the global M2 money supply still accounts for more than half of bitcoin's price movements, reinforcing the currency's role as an asset against "currency spam". Asian trading sessions have dominated price findings over the past year, suggesting that a regional tightening of liquidity is driving recent market volatility.
Leverage cleaning creates opportunities
The bitcoin futures unpositioned squaring contract reached a high of $52 billion in early October, and the subsequent continuous liquidation caused bitcoin to fall by about 18% in early October. Leverage has now fallen back to the 61st percentile, and bitcoin's price relative to gold is near a one-year low. We believe this is a mid-cycle correction rather than a bear market start.
On-chain data reflects market maturity
The revenue and price of various mainstream public blockchains (L1) are strongly correlated, and Bitcoin Treasury continues to be overweight by institutions, indicating that the Bitcoin ecosystem is maturing and strengthening its important position in asset allocation models.
VanEck released a report on the Bitcoin chain in mid-October: Bitcoin's pullback is a cyclical adjustment, and global liquidity still dominates price movements
2025-10-23 05:48:09
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