Bitcoin Ownership Shift Sparks Supply Shock Fears

The recent decline in whale inflows on Binance has reached multi-month lows, falling to $2.96 billion, indicating that large players are no longer rushing to offload their supply.

Conversely, long-term holders are rebuilding exposure at scale, with a 30-day realized cap change of up to $49 billion on April 9. This contrasts with short-term holders, whose realized cap change has dropped to -$54 billion.

Data from the derivatives market also suggests an incoming short squeeze, as bearish sentiment becomes heavily concentrated in leveraged positions while physical supply migrates off crypto exchanges.