Analyst says BTC whales are shifting to accumulation, but spot demand remains weak

AT A GLANCE

XWIN said Bitcoin whales have resumed accumulation, but several indicators show spot demand remains weak and a sustained rebound still requires stronger buying.

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Analyst: Significant divergence emerges on the Bitcoin blockchain, as whales shift to accumulation while spot demand remains weak

BlockBeats News,October 20, on-chain data analyst XWIN cited CryptoQuant data indicating that Bitcoin's current on-chain data shows a significant divergence between whale behavior and the spot market. Although large holders have begun accumulating again, spot-market demand remains weak, and the market is transitioning from “seller exhaustion” toward a potential bottom.XWIN stated that on-chain data shows positive accumulation signals. Large holders with 1,000 to 10,000 Bitcoin have shifted their 60-day net accumulation from negative 62,600 sharply to positive 5,230, indicating that major whales are shifting back from a distribution pattern to accumulation. Meanwhile, the Binance reserve on the USDT trading platform has surged from approximately 790000000 USD to 1760000000 USD, suggesting that potential buying power on the platform is increasing.

However, spot buying in the United States has failed to keep pace. The Coinbase premium index is currently approximately -0.1416%, while weekly trading-platform flows have turned into net inflows of 8,428 BTC. In addition, the short-term holder spent output profit ratio (STH-SOPR) is hovering near 0.9982, indicating that short-term holders are still facing small losses around breakeven and choosing to sell.

The analyst believes that although the underlying structure is improving, stronger spot demand is still urgently needed to sustain a rebound. The analyst advises investors to focus on key signals going forward: the direction of the Coinbase premium index, changes in exchange net flows, and whether STH-SOPR can successfully rise above the 1 threshold.

Original link https://m.theblockbeats.info/flash/372734

Key points

BlockBeats October 20 According to reports, on-chain data analyst XWIN analyzed the Bitcoin market using CryptoQuant data.
Large holders holding 1,000 to 10,000 Bitcoin have seen their 60-day net accumulation shift from negative 62,600 to positive 5,230.
Binance's USDT reserve increased from approximately 790000000 USD to 1760000000 USD。
The Coinbase premium index is approximately -0.1416%。
Weekly trading-platform flows turned into 8,428 BTC in net inflows.
The short-term holder spent output profit ratio (STH-SOPR) is approximately 0.9982。
XWIN believes that a sustained rebound still requires stronger spot demand, and recommends monitoring the Coinbase premium index, exchange net flows, and whether STH-SOPR can rise above 1。

AI-assisted interpretation

The following is analysis, separate from reported facts. Verify important claims independently.

These indicators present two sides: large holders' net accumulation has shifted from negative to positive, and the USDT reserve on Binance has also increased; however, the Coinbase premium is negative, and trading platforms have seen BTC in net inflows;STH-SOPR is below 1。XWIN Based on this, it is concluded that the market's underlying structure has improved, but spot buying remains insufficiently strong.

Why it matters to readers

Whale accumulation and weak spot demand are occurring simultaneously, meaning market signals are inconsistent. Whether a sustained rebound emerges still depends, in XWIN's view, on whether spot demand can improve.

Beginners should not focus solely on the indicator of whale accumulation. They can also monitor the Coinbase premium, exchange net flows, and STH-SOPR, but these indicators and analysis do not mean that the price has certainly bottomed or will rebound.

Risks and unknowns

The data in the article were XWIN reported by citing CryptoQuant data, without providing a process for verifying the original data in the evidence.
“Potential bottom” and “sustained rebound” are analytical judgments and have not yet been confirmed.
USDT An increase in reserves is interpreted only as stronger potential buying power; whether it will actually translate into Bitcoin buying is unknown.
The evidence does not specify the full statistical methodologies or exact sampling times for the indicators.

Analyst says BTC whales are shifting to accumulation, but spot demand remains weak

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