Bitcoin’s on-chain dystopia: Why the market loses vitality

Bitcoin on-chain indicators indicate bear market trends, with the number of active addresses falling to the bear market level in 2022, and the number of independent trading addresses dropped from 450,000 to 300,000. The MVRV ratio turns negative, indicating that most holders are in a loss state, while the hash rate drops by 15% due to the miners' surrender. UTXO balance fell from $48 billion to $36 billion, suggesting a possible sell-off or consolidation. Bitcoin futures open contracts fell 30% to $7 billion, with the increase in short positions reflecting the growing market pessimism.