As the Bitcoin market continues to experience a rush of selling, which began in mid-October, recent data on the chain paints a somewhat rosy picture of the cryptocurrency’s future. The question is: Has Bitcoin hit bottom?
Is a BTC price reversal imminent?
In a recent Quicktake post on the CryptoQuant platform, pseudonymous crypto expert Sunny Mom shared that a bottom formation for Bitcoin price may be just around the corner. Sunny Mom’s post was based on four different on-chain metrics, all analyzing the behavior of Bitcoin market participants.
The first of these is Futures Taker’s CVD (Cumulative Volume Delta, 90-day) metric, which helps track the net difference between aggressive buying and selling volumes (called taker orders) in the Bitcoin futures market over the last 90 days.
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According to the online expert, the most dominant selling zones (in red) are becoming neutral zones. This means that leveraged short positions (typically held by the most fearful and aggressive Bitcoin market participants) are slowly exiting, indicating the weakening of these speculative hands.
Next, the on-chain analyst referenced data from the Spot Taker CVD (90-day Cumulative Volume Delta) metric. Although the number of speculative sellers is decreasing, spot CVD still appears to be in the red. Typically, a “red” reading of this metric suggests that Bitcoin holders are still selling their coins.
Another interesting development is that the Bitcoin:Stablecoin supply ratio (SSR) has fallen to a characteristic low. For context, this metric measures the relationship between the supply of Bitcoin and the supply of stablecoins (such as USDT and USDC).
A high SSR indicates that there are fewer stablecoins compared to Bitcoin. As an extension, he points out that there is less purchasing power to buy Bitcoin in order to drive up its price. On the other hand, a low SSR indicates a relative abundance of stablecoins compared to the main cryptocurrency, suggesting the presence of greater potential purchasing power in the Bitcoin market.
After examining past price action, it is evident that periods where the SSR said “significantly low” have often preceded major price bounces for the flagship cryptocurrency. If history is anything to go by, the analyst deduced that we could be primed for another rally as the SSR metric is currently hovering around an all-time low.
Lastly, Sunny Mom explained that the Adjusted Spent Output Profit Ratio (aSOPR) data also supports the general conjecture of an impending price bottom. At the moment, the aSOPR is around 1.0, a level whose surpassing in April 2025 preceded a significant price reversal.
Bitcoin price at a glance
At the time of writing, the BTC price is around $102,510, reflecting an increase of over 1% in the last 24 hours.
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Featured image from iStock, chart from TradingView
