2026-01-07 10:22:07

What does on-chain data of Bitcoin in 2026 tell us about the start of the year?

Many people see the price rise and think the bull market has arrived, but my judgment is not so optimistic. The data is in front of us, and at this stage, it is still far from the true start of a bull market. This is not just a simple denial of a bear market—my current definition is: accumulation phase.

Why do I say that? Price increases ≠ fundamental market changes. Carefully examining several key on-chain indicators, such as institutional and retail participation, holding structures, and liquidity depth, none of these have shown that kind of breakthrough. Instead, it looks more like a process of repeated testing at critical levels, gradually building consensus.

What should a real bull market look like? It’s not just rising numbers, but a comprehensive qualitative change in ecosystem activity, application expansion, and capital inflow. We are still a bit short of that stage. It’s possible to be optimistic about the future, but there’s no need to overestimate the present. Keep observing the true performance of on-chain data—those numbers will speak for themselves.

BTC3,2%

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DogeBachelor

· 01-10 10:14

I agree with the concept of the accumulation phase; however, many people are still asleep.

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gas_fee_trauma

· 01-10 08:54

The data speaks for itself; don't listen to those shouts of "already entering the main upward wave." It's really a consolidation period.

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WalletsWatcher

· 01-09 14:44

I agree with the concept of the accumulation phase, but honestly, it's a bit too early to discuss this topic now.

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BrokenRugs

· 01-07 10:52

I still agree with the concept of the accumulation period, but to be honest, on-chain data isn't entirely accurate and can be easily manipulated by large holders.

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MidnightSnapHunter

· 01-07 10:50

Data doesn't lie, but prices can deceive the eye --- Same old rhetoric, the term "accumulation period" is getting annoying --- What are we testing repeatedly? Just lack of confidence --- Ecological qualitative change? Right now, it's mainly a crypto speculation atmosphere --- Agree, but have institutions really entered the market? Feels like they're still testing the waters --- On-chain data looks good ≠ real-world scenarios look good, there's a gap

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nft_widow

· 01-07 10:50

Honestly, I agree with your logic. I'm annoyed by those people shouting bull market every day; the data simply doesn't support it. The accumulation phase is a more solid concept, and we're definitely not at the explosive stage after repeated testing. Let's just wait and see, and let the data speak for itself.

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AirdropHunterWang

· 01-07 10:46

The judgment about the accumulation period is still a bit conservative. It seems like everyone is waiting for that "qualitative change moment," but in fact, no one really knows when it will come.

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TokenUnlocker

· 01-07 10:33

I agree with the concept of the accumulation phase, but to be honest, most people can't understand on-chain data at all and just blindly follow the hype.

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