Costa Rica, July 17, 2026, Global markets are under pressure. Escalating conflict between the United States and Iran, including military actions and threats to disrupt the Strait of Hormuz, h
Costa Rica, July 17, 2026, Global markets are under pressure. Escalating conflict between the United States and Iran, including military actions and threats to disrupt the Strait of Hormuz, has sent Brent crude surging to $90.37 per barrel, up 2.58% in a single session and more than 15% higher over the past month. WTI crude has followed into the $81–$84 range. The energy shock is rippling through equities, with major technology names seeing broad declines across the board: Nvidia down 2.21%, Meta down 2.79%, Tesla down 2.61%, Alphabet down 2.17%, Microsoft down 1.82%, and Amazon down 1.06%. The overall market tone remains cautious as investors weigh rising energy costs against an already uncertain interest rate environment.
Bitcoin, by contrast, is holding firm, and the on-chain data explains why.
While equities react to every macro headline, Bitcoin has traded steadily in the $64,000–$65,000 range with a market capitalization above $1.3 trillion. The resilience is not accidental. Three independent on-chain metrics tracked by Bitrue Research Institute are pointing in the same direction, painting a picture of a market where supply is contained, conviction is high, and holders are not flinching.
Long-term holder supply has climbed to 16.75 million BTC as of mid-July, the highest level tracked this cycle, meaning coins are being locked away, not distributed. The Miners' Position Index has risen to -1.1270, up 14.2%, indicating miner selling pressure remains well below historical averages, with no supply being forced onto the market from that side. And Exchange Inflow CDD sits at 74,692.8K, up 2.41%, confirming that long-term holders are not aggressively moving coins to exchanges despite the macro noise surrounding them.
"Three on-chain signals are telling the same story right now," said Andri Fauzan Adziima, Research Lead at Bitrue Research Institute. "Long-term holder supply has reached 16.75 million BTC, the highest level we've tracked this cycle, meaning coins are being locked away, not distributed. The Miners' Position Index at -1.1270 tells us miner selling pressure is well below historical averages, so there's no supply being forced onto the market from that side either. And Exchange Inflow CDD at 74,692.8K confirms that long-term holders are not moving coins to exchanges despite the macro noise. When all three of these metrics align like this during a period of equity selloffs, it historically signals that Bitcoin's supply structure is in a strong position, and that's exactly what we're seeing right now."
The pattern is consistent with Bitcoin increasingly functioning as digital gold in environments of inflation risk and geopolitical uncertainty. Unlike equities, which respond sharply to policy shifts and sentiment swings, Bitcoin's fixed supply and decentralized nature insulate it from the kind of macro shocks currently driving equity weakness. Physical gold has similarly held relatively stable during this period, but Bitcoin's on-chain transparency offers something gold cannot: real-time, verifiable data on exactly who is holding, and what they are doing with it.
That data, right now, shows a market that is not selling.
Looking ahead, the 2026 outlook for Bitcoin remains constructive. Analysts continue to project price targets ranging from $80,000 to $100,000 and above, supported by continued ETF inflows, institutional adoption, and post-halving cycle dynamics. As global uncertainty accelerates flight-to-safety flows, Bitcoin's immutable scarcity and on-chain transparency position it as a distinct asset class, one that is increasingly difficult for institutional allocators to overlook.
About Bitrue Bitrue is a global cryptocurrency exchange offering spot, leveraged token, staking, and yield products to users across 100+ countries. New users can currently access 6.5% APY on flexible BTC staking for a 60-day promotional period at bitrue.com.
About Bitrue Research Institute The Bitrue Research Institute delivers independent on-chain analysis and market intelligence for the digital asset ecosystem.
This release is for informational purposes only and does not constitute financial advice. Cryptocurrency markets remain volatile and macro developments can override on-chain signals. Always conduct your own research.
