CryptoQuant: Bitcoin whale accumulation activity nearly stagnant, demand continues to weaken

Odaily reported that CryptoQuant released a report stating that 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 essentially stalled, with monthly balance growth approaching zero. The report points out that the year-over-year contraction in whale balances is the fastest of the year. Although the balances of whales holding 100 to 1,000 BTC maintain positive growth, the growth rate has slowed significantly, indicating that the structural demand in this cycle continues to cool.

Meanwhile, the supply held by long-term holders has risen to a record high of 15.8 million BTC, while 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 stage of the bear market in March 2022.