- Bitcoin wallets holding 10 BTC to 10,000 BTC accumulated 88,987 BTC over the past month, a shift that may indicate the market is nearing a bottom, according to Santiment and CryptoQuant analysts.
- Spot demand remains weak, however, and CryptoQuant said a sustained rally will require stronger buying activity.
- The Coinbase Premium stood at about -0.1416%, while short-term holders continued to sell at small losses.
Large bitcoin holders resumed accumulation over the past month, which CryptoQuant analysts said may indicate the market is nearing a bottom. The shift matters because these holders have historically tracked major bitcoin price trends, although weak spot demand continues to limit support for a sustained rally.
According to Santiment, wallets holding between 10 BTC and 10,000 BTC began actively accumulating bitcoin on September 19. Their combined holdings increased by about 88,987 BTC over the following month and exceeded 13.69 million BTC, the highest level in six months.
Santiment said: “Historically, this group of investors has closely correlated with bitcoin’s major price trends, so its behavior is especially useful to watch. Sustained accumulation during periods of price volatility suggests that large players are building their positions rather than reducing them.”
The behavior of wallets holding between 1,000 BTC and 10,000 BTC also changed. Their 60-day net accumulation metric rose from -62,600 BTC to 5,230 BTC, indicating a shift from selling to accumulation.
Spot demand remains weak
Other indicators show the market has not yet received sufficient support from buyers, according to a CryptoQuant analysis. The Coinbase Premium index was around -0.1416%, indicating weak demand for bitcoin from U.S. investors.
Weekly exchange flows moved to a net inflow of 8,428 BTC. USDT reserves on Binance also increased to $1.76 billion from about $790 million. CryptoQuant said the rise may indicate greater potential buying power on the exchange, but does not by itself confirm that the funds are being used to buy bitcoin.
The short-term holder spent output profit ratio, or STH-SOPR, hovered around 0.9982. That level means short-term holders continued, on average, to sell their coins at small losses.
CryptoQuant analysts said the market is moving from a phase of easing selling pressure toward a potential bottom. However, they said a sustained rally will require stronger spot demand.
Incrypted previously reported that the number of wallets holding between 10 BTC and 10,000 BTC had reached an all-time high of 20,338 addresses.
Source: Incrypted
