CryptoQuant: Bitcoin Whale Accumulation Activity Nearly Stalled, Demand Continues to Weaken

Odaily reports that according to a report by CryptoQuant, the accumulation activity of Bitcoin whales holding between 1,000 and 10,000 BTC, as well as smaller whales holding between 100 and 1,000 BTC, has largely stalled, with monthly balance growth approaching zero. The report notes that the year-over-year contraction rate of whale balances is the fastest seen this year. Although the balances of whales holding between 100 and 1,000 BTC have maintained positive growth, the growth rate has slowed significantly, indicating a continued cooling of structural demand in this cycle.

Meanwhile, the supply held by long-term holders has risen to an all-time high of 15.8 million BTC. In contrast, the supply held by short-term holders has decreased from 6.4 million BTC in December last year to approximately 4.2 million BTC currently. The report states that the current market structure is highly similar to the early bear market period of March 2022.