CryptoQuant head of research Julio Moreno has outlined on X that Bitcoin's market cycles are better defined by demand dynamics than by price moves. Using the Apparent Demand metric, which compares miner issuance with changes in 1-year dormant supply, he notes the 30-day reading has turned negative while the yearly value is declining. At the same time, net flows into US spot Bitcoin ETFs have recently been negative, and Bitcoin is consolidating around the $88,000 mark.

Analyst Ali Martinez has outlined how XRP could slide toward $0.80, citing several on-chain indicators. He points to a sharp drop in daily active addresses to about 38,500 and recent whale selling of roughly 40 million tokens as signs of fading interest and weaker confidence. Martinez adds that losing the $1.77 support level could open the way to the next major demand zone near $0.80, with XRP trading around $1.86 at the time of his analysis.

CryptoQuant analyst Maartunn reports that the Bitcoin Coinbase Premium Gap has dropped deep into negative territory, reaching one of its lowest readings in 18 months. The metric now shows BTC trading at a $122 discount on Coinbase versus Binance, pointing to weaker US-based demand even as the spot price moves sideways around $88,900. This rare discount suggests American institutional and large traders are exerting more selling or less buying pressure than offshore counterparts.

Analytics firm Santiment reports that social media sentiment around Bitcoin has shifted back toward optimism, with bullish mentions now outnumbering bearish ones. Historical patterns suggest that such waves of greed have often aligned with local tops, even as Bitcoin currently consolidates around $88,000. Session-based return data shared by CryptoQuant analyst Maartunn indicates flat performance across US, European, and Asia-Pacific trading hours.

According to on-chain data shared by Glassnode, Bitcoin is currently trading close to the cost basis of active market participants, implying this group is roughly at break-even. The analysis compares the spot price with several realized price models, including the overall Realized Price at $56,200, the True Market Mean at $81,100, the Active Realized Price at $87,700, and the Short-Term Holder Realized Price at $99,900. With Bitcoin hovering near $87,700 and down 2.6% over the past week, short-term holders are currently sitting on unrealized losses while the broader active cohort remains neutral.

On-chain data attributed to Darkfrost shows that XRP inflows to Binance have climbed sharply since December 15, with values holding above 35 million tokens and peaking at 116 million. This sustained rise in exchange deposits, combined with whales offloading 40 million XRP and the price sliding to about $1.87, suggests ongoing selling pressure that could prolong or deepen the current correction.

Analyst Ali Martinez has highlighted that XRP's 15-minute chart appears to be forming a symmetrical triangle pattern that could precede a price swing of about 10%. The asset recently rebounded from the triangle's lower trendline on Christmas, leaving open the possibility of a breakout in either direction. At the time of writing, XRP is changing hands near $1.84, having declined 3.3% over the past week.

CryptoQuant community analyst Maartunn said on X that about 6.6 million BTC are positioned above the latest spot price, based on the Supply In Loss metric. His charts suggest dense cost-basis clusters that may add selling pressure if price revisits those levels, while BTC was last near $88,600.

According to the Bitcoin Fear & Greed Index, market sentiment has stayed in the extreme fear band for 13 consecutive days while Bitcoin is trading around $87,500. The gauge, which aggregates market cap dominance, volume, Google Trends, social activity, and volatility into a 0–100 score, currently sits at 23, marking a prolonged period of pessimism. Historically, major tops and bottoms have often formed when the index sits in its extreme zones, but it is still unclear whether the latest stretch will mark a decisive cycle low.