Bitcoin Whale Accumulation Stalls Amid Weakened Demand

CryptoQuant's latest analysis indicates a significant shift in the behavior of large bitcoin holders. Historically, these 'whales' have played a crucial role in absorbing sell-side pressure and supporting spot prices by accumulating the cryptocurrency.

However, according to recent data, this accumulation has stalled, with holding structures weakening across major investor cohorts. This has led to a decline in demand for spot prices, making the market more vulnerable to external factors such as ETF flow shocks and macroeconomic risk events.

The Exchange Whale Ratio, which measures the share of total BTC sent to exchanges originating from the top 10 deposits, recently hit 0.67, a decade-high reading since October 2015. This indicates that 64% of all bitcoin flowing to exchanges in that window came from a handful of large addresses.