PLUS: Access to the the event recording with James Check from Checkonchain, Bitcoin Has Crossed the Rubicon.

Bitcoin's market structure has changed forever

This first edition of The Bitcoin Checkpoint from Checkonchain and Unchained analyzes how ETF flows and institutional adoption have reshaped bitcoin’s market structure—and what that means for this bull market and beyond.

What’s in the report?

A closer look at how the 2023–2025 bull cycle has permanently reshaped bitcoin’s market structure—and why this time is measurably different.

Why drawdowns in this cycle are the shallowest on record

Why ETFs and institutional flows are now the decisive anchor for bitcoin’s price floors

How covered calls, fiat-collateralized futures, and ETF inflows are structurally dampening volatility

Why long-term holders remain in control, sitting on $1.3T in unrealized profit despite repeated new ATHs

How more than 1/3 of circulating supply repriced above $75k, proving a durable shift into six-figures

The latest structural analysis and market outlook from Checkonchain

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