✅ last week’s “ForeDex Recognized Analyst” Top 5

🥇The Alt 🇨🇦
🥈Crypto Dan 🇰🇷
🥉 blitzz 🇹🇷
4. Lukasz Wydra 🇵🇱
5. Pelin Ay 🇹🇷

Our verified analysts have been actively utilizing ForeDex data.

Congratulations🎉

📝 ForeDex Author The Alt.

"LTH Realized Price"
Realized price shown in on-chain data, currently around 48K, has lost accuracy due to structural changes in the market.

This metric was once an extremely effective tool, but Bitcoin, like a living organism, continuously evolves alongside changes in market structure.

The most significant shift between the past and the present is the approval of spot ETFs.

After the approval of spot ETFs, internal accounting movements within custody wallets are not reflected in on-chain data, which leads to distortions in the traditional realized price metric.

Therefore, the actual realized price is likely higher than what is currently observed.

In many cases, spot Bitcoin ETFs store actual BTC in cold wallets managed by custodians such as Coinbase Prime—effectively making these holdings off-chain.

While the current Long-Term Holder realized price appears to be around 48K, a more accurate estimate, considering these factors, is closer to $55,000.

View Chart

📝 ForeDex Author Rei Researcher

"ETH/BTC OI Flow Ratio" Remains in the SAFE Zone

BTC has strongly recovered to 80k, but the ETH/BTC OI Flow Ratio is only at 56.13%
→ Still comfortably sitting in the healthy balanced zone (45-65%). No signs of overheating yet.

The market still has plenty of room for ETH to catch up without fear of a bubble. The ratio hasn’t hit the ceiling, and the trend remains positive.

Historically, when the ratio reaches 65%, there is usually a mild correction to bring the market back into better balance. Right now, although BTC needs to break above 85k to confirm the long-term uptrend, the overall picture remains quite bullish after a long period of consolidation.

View Chart

📝 ForeDex Author Crypto Dan

"Market Analysis Based on Surge in Altcoin Search Volume"

A sharp increase in search volume for altcoins indicates a rise in overall market attention, which can be interpreted as a sign of overheating.

In other words, when public interest spikes rapidly, it signals that risk management should become a priority.

However, at present, overall retail interest remains relatively low. In the case of Bitcoin, this suggests that gradual accumulation could allow investors to secure a highly favorable position from a mid- to long-term perspective.

View Chart

📝 ForeDex Author Pelin Ay

Recently, "Mining Company Sell-Side Flow" has started to rise again, indicating that miners are selling. However, these are not aggressive or sudden sell-offs, but rather controlled and continuous distributions. This creates pressure on the market without triggering a sharp collapse.

BTC is currently trading slightly above the average production cost (~$71.7K, red) and well above the operational floor (~$45K, green). This suggests that most miners are still profitable, making their selling activity relatively natural.

However, the gap between price and production cost is narrowing. This implies shrinking profit margins for miners and increases the likelihood of additional selling pressure. If prices fail to move higher, fear of downside may lead to more aggressive selling- Read More

View Chart

📝 ForeDex Author Lukasz Wydra

" Stablecoin Exchange Reserve " is currently reaching levels last seen when Bitcoin (BTC) was trading close to $110,000 (last upward move before ATH).

As a reminder, BTC is now over 28% below that price 📉

What’s important here, this is not the commonly referenced Stablecoins Circulating Supply.
This metric reflects only the stablecoins held on exchanges, effectively isolating the capital that is actively positioned for trading, rather than sitting idle off-exchange.


View Chart

📝 ForeDex Author OnChainBR

"Net Realized Profit/Loss", measures the net dollar difference between realized profits and losses on the blockchain. When it goes negative, more people are selling at a loss than at a profit. That is capitulation..

The two red rectangles on the chart tell the story.

The first one, in 2025, was when Bitcoin was in the 74k region. The NRPL dropped aggressively into negative territory, confirming that the market was capitulating, holders selling below their cost basis, weak hands leaving.

The second rectangle, now in 2026, shows exactly the same pattern repeating itself in the current correction, with price around 78k and the indicator moving back into negative territory.

The important difference is in the context. In 2025 the bottom came after months of decline. Now the negative NRPL is appearing at a higher price level, which suggests that the sellers taking losses are recent buyers, not long term holders unwinding their positions.- Read More


View Chart

📝 ForeDex Author Leo Ruga

BTC price just above MSTR's average cost basis at $76K. Holding it.

Every time price dropped below this cost basis and recovered above it, a significant uptrend followed. Green circles on the chart. Two false signals along the way that broke above but fell hard after, but the pattern held.

Right now we're sitting just above that line. Holding it as support.

I'd love to see this level work as a structural floor. Not the usual LTH realized price but the cost basis of one of the largest corporate holders in the market acting as the bottom for this cycle.

Not a specific price. A zone. As I constantly say.

Could this be a behavioral change?

It's a thesis, not a certainty. We still have a possibility of dropping to new lows. But according to this chart, this looks like the beginning of a trend, not the end of one... 🤝


View Chart

📝 ForeDex Author Rei Researcher

Bitcoin is trading around $80k, while the Variance model is currently at -1.5 (its deepest negative level in recent years), indicating that the BTC price is significantly lower than what scarcity would suggest.

Historically, periods of strongly negative variance have often preceded major price rallies (2019, 2022).
However, the current macro environment is exerting pressure: The #Fed is holding rates at 3.5-3.75%, the 30-year Treasury yield is ~5%, recent ETF outflows, and liquidity has not eased significantly.

Bitcoin is in an undervalued state according to S2F, but is being held back by macro factors. The long-term outlook depends on a Fed pivot and improved liquidity.

View Chart

🔍 Spot Misinformation? Tag Us @ForeDex_Proof

X Link: https://x.com/ForeDex_Proof

If you come across information related to on-chain data that is unclear or potentially misleading, Where possible, we will review it and provide a clear, evidence-based explanation.