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Bitcoin - ATH 2021 vs ATH 2025 - 11 different indicators ↓
Bitcoin: What changed between the 2021 and 2025 ATHs? Let’s scan the data (the exact info can be found in the table). • Fund data BTC holdings in the hands of funds practically doubled (+91 %), rising from 695,000 to 1,300,000. Regarding their representation in USD, the increase was greater (+244 %), due to the rise in the price of Bitcoin, from 48 to 165 billion USD. In parallel, the average volume traded by these institutions grew almost ten times (+979 %), climbing from 340 to 3,600 million USD. Conclusion: These differences, between 2021 and 2025, show how during the intermediate years Bitcoin began its stage of institutional adoption, driven by its arrival on Wall Street in 2024 and by the pro-crypto regulatory agenda of the United States, which began this year. • Exchange Reserve Currently there is less supply available on CEXs than during 2021. The Bitcoins deposited there fell by 24 %. Conclusion: The low supply of BTC on CEXs creates an environment prone to fewer sales. • Network Activity On-chain data show a network with greater transaction activity, although almost without changes in the number of active addresses. The number of tax grew from 300,000 to 483,000 (+60 %), while active wallets decreased slightly by 3 %. Conclusion: The use of the Bitcoin blockchain remains solid, with a higher volume of transactions despite the slight decline in the number of active addresses. • Derivatives Open interest rose from 15.6 to 40 billion USD. The funding rate fell −61 %, which indicates a market with long and short positions more balanced compared to the scenario four years ago. In terms of liquidations, long positions increased by +31 %, while shorts registered a more pronounced jump (+50 %). This points to squeezes on both sides, with greater impact on the bearish side. Conclusion: The growth of open interest, together with more moderate funding and an increase in liquidations, shapes a derivatives market larger and more dynamic than in 2021.