Bitcoin Supply-Demand Dynamics Shift: Spot Demand Turns Negative and Whale Accumulation Has Yet to Fully Unfold

Odaily report: The latest analysis indicates that Bitcoin exchange reserves rose from approximately 2.67 million BTC in early October to about 2.68 million BTC, still far below January levels; rising reserves do not necessarily signal selling, and transfers may reflect custody changes. Bitcoin's 30-day spot demand was once close to zero before turning negative again, while perpetual contract demand remains positive. Addresses holding 100 to 1,000 BTC have maintained net accumulation over the past 60 days, though below the peak seen in late September; net reduction among addresses holding 1,000 to 10,000 BTC is approaching zero, while addresses holding more than 10,000 BTC remain in net reduction, indicating that accumulation has not yet fully unfolded.