The Bitcoin market has been in the midst of a wild sell-off that began in mid-October, and recent on-chain data suggests a somewhat optimistic outlook for the cryptocurrency’s future. The question is, is Bitcoin at its bottom?
Is a BTC price reversal imminent?
In a recent Quicktake post on the CryptoQuant platform, pseudonymous crypto critic Sunny Mam shared that a bottom in Bitcoin prices may be just around the corner. Sunny Mom’s posts are based on four different on-chain metrics, all of which examine the behavior of Bitcoin market participants.
The first is the Futures Taker CVD (Cumulative Volume Delta, 90 days) indicator. This helps track the net difference between active buy and sell volumes (known as taker orders) in the Bitcoin futures market over the past 90 days.
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According to online experts, the more dominant sell zone (red) is turning into a neutral zone. This means leveraged short positions (usually held by the most fearful and aggressive Bitcoin market participants) are slowly being liquidated, indicating a weakening of speculators.
Next, on-chain analysts looked at data from the Spot Taker CVD (cumulative volume delta, 90 days) metric. Although the number of speculative sellers is decreasing, spot CVD still appears to be in the red. A “red” reading on this indicator typically indicates that Bitcoin holders are still selling their coins.
Another interesting event is that the Bitcoin:Stablecoin Supply Ratio (SSR) has fallen to a notable low. For context, this metric measures the ratio of the supply of Bitcoin to the supply of stablecoins (such as USDT and USDC).
A high SSR indicates that there are fewer stablecoins compared to Bitcoin. As an extension, they point out that the purchasing power to buy Bitcoin to drive the price up is decreasing. On the other hand, a low SSR indicates the relative abundance of stablecoins compared to major cryptocurrencies, suggesting that there is more potential purchasing power in the Bitcoin market.
Examining past price trends, it is clear that periods when the SSR was judged to be “significantly low” were often preceded by significant price rebounds in leading cryptocurrencies. Historically, the SSR index is currently hovering near historic lows, leading analysts to speculate that it could be headed for a further rebound.
Finally, Sunny Mam explained that adjusted expense return ratio (aSOPR) data also supports the overall assumption that a bottom in prices is imminent. Currently, aSOPR is approximately 1.0. This level was breached in April 2025, prior to a significant price reversal.
Bitcoin price overview
As of this writing, the price of BTC is around $102,510, reflecting an increase of over 1% in the past 24 hours.
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Featured image from iStock, chart from TradingView
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