On-chain data: Bitcoin spikes from liquidations as holders and ETFs stabilize, Ethereum hit by supply squeeze

Recent Bitcoin price spikes have been linked to forced liquidations rather than broad spot demand, with Cointribune reporting that short-term liquidations drove the move rather than sustained buying pressure ^[1].

At the same time, on-chain UTXO and holder-age data indicate long-term Bitcoin holders are not broadly selling, and spot Bitcoin ETFs are contributing to institutional accumulation—factors cited by EthNews and Blockonomi as supporting market stability despite transient volatility ^{[2] [3] [4]}.

Ethereum’s on-chain picture shows a simultaneous supply contraction: exchange reserves have fallen to roughly 16.2 million ETH, the lowest level since 2016, while about 37 million ETH are locked in staking contracts, reducing circulating supply and sell-side pressure; Blockonomi also notes rising active addresses and lower gas fees after EIP-4844 ^[5].

Taken together, the sources show recent Bitcoin price moves can be liquidity-driven even as longer-term holder metrics and ETF flows provide stabilizing accumulation, while Ethereum’s reduced exchange reserves and extensive staking point toward tighter available supply—key indicators to watch for near-term market dynamics ^{[1] [3] [2] [5]}.