A recent report from Cryptoquant, a crypto on-chain analytics platform, highlights a divergence in Bitcoin’s on-chain data between large holders and the broader spot market. While major market participants appear to be shifting behavior, overall demand from retail and institutional spot buyers in the United States remains subdued.
According to the analysis , whales holding between 1,000 and 10,000 BTC have moved from distribution to accumulation. Their 60-day net position shifted from a 62,600 BTC decline to a 5,230 BTC gain. At the same time, Binance’s USDT reserves have climbed from roughly $790 million to $1.76 billion, suggesting more potential buying power sitting on the exchange.
Despite these constructive signals, U.S. spot demand remains weak. The Coinbase Premium Index sits near minus 0.1416 percent, and weekly exchange flows have flipped to a net inflow of 8,428 BTC. In addition, the Short-Term Holder Spent Output Profit Ratio (STH-SOPR) remains near 0.9982, suggesting short-term holders are still selling at small losses or near break-even.
The report suggests the market is advancing from a phase of fewer sellers toward a possible bottom. However, a sustained upward move will likely require clearer strength in spot demand. Key indicators to monitor going forward include the Coinbase Premium, exchange netflows, and whether STH-SOPR can hold above 1.
As the analyst puts it:
“My view: the market is progressing from “fewer sellers” toward a possible bottom, but a sustained rally still needs stronger spot demand. The key signals to watch next are Coinbase Premium, exchange netflows, and STH-SOPR holding above 1.”
Bitcoin is trading at $84,651, according to CoinMarketCap data. The asset is up about 2.67% over the past 24 hours. Over the last 30 days, the price is down roughly 4.6%, based on the platform’s historical closes.
