As the 60-day net accumulation of whales holding 1.000–10.000 BTC turned positive, an analysis shared on CryptoQuant noted that spot demand needs to strengthen for a potential bottom to turn into a sustained rally.
The analysis said this group’s 60-day net accumulation shifted from minus 62.600 BTC to plus 5.230 BTC. The change was viewed as a positive sign that large holders were shifting from distribution back to accumulation.
This data adds a new development to the picture we previously reported, in which the participation of large Bitcoin wallets in accumulation remained weak: the 60-day net change for the 1.000–10.000 BTC group is now in positive territory.
Potential buying power is rising, but spot demand is lagging
The Binance USDT reserve indicator tracked in the analysis rose from around 790 million dollars to 1,76 billion dollars. This increase was interpreted as meaning that more funds were available on the exchange to be directed toward purchases.
However, indicators for the U.S. spot market are not as strong. The Coinbase Premium Index stands at minus 0,1416 percent, while weekly exchange flows show net inflows of 8.428 BTC. This means weakness on the demand side persists despite the shift back to accumulation among whales.
Which signals could support a bottom forming for Bitcoin?
STH-SOPR, which tracks the profit or loss on coins sold by short-term investors, stands at 0,9982. The indicator being just below 1 suggests these investors are realizing small losses close to their break-even point.
The analysis assessed that the market was moving from a phase of declining selling pressure toward a potential bottom, while emphasizing that stronger spot demand is needed for a sustained rally. Accordingly, the movement in Coinbase Premium, the balance between Bitcoin flowing into and out of exchanges, and STH-SOPR holding above 1 were identified as the main signals to watch.
Not investment advice.