Bitcoin’s on-chain data is flashing early warning signs as the United States government shutdown stretches into record-breaking territory, freezing liquidity across both traditional and crypto markets. With the shutdown now entering its second month, analysts say the lack of federal spending and market confidence is beginning to ripple through Bitcoin’s supply metrics, and it’s not a bullish picture. According to the Congressional Budget Office, the shutdown could shave 1% to 2% off annualized U.S. GDP growth in the fourth quarter of 2025, erasing as much as $14 billion in output. But the impact is spreading beyond ... (full story)