Bitcoin’s invisible resistance isn’t price: It’s THIS on-chain imbalance

Key Points

1. Bitcoin's rally gains momentum with whale outflows and valuation gains, but 1-month puts trade at a +4.6% premium, indicating mixed market sentiment.

2. Exchange Netflow surged by +10.32% despite remaining negative at -11.19K BTC, a behavior typical in bullish environments.

3. Network activity remains weak, with the DAA Divergence indicator showing persistent red bars at -250%, signaling a misalignment between price and user activity.

4. Supply-Adjusted Coin Days Destroyed (CDD) rose by 4.72%, suggesting increased selling by long-term holders, which could be bearish for momentum.

5. The NVT ratio fell sharply by -28.79%, indicating improving valuation and stronger on-chain utility, which historically supports sustainable rallies.