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Bitcoin may be approaching a market bottom as large whales resume accumulation, but stronger spot demand is still needed for a sustained rally, CryptoQuant contributor XWIN Japan said.
XWIN Japan said the 60-day net accumulation by whales holding 1,000 to 10,000 BTC had shifted from negative 62,600 BTC to positive 5,230 BTC. Binance’s USDT reserves also increased from about $790 million to $1.76 billion, indicating greater potential buying power. However, the Coinbase Premium Index, which reflects U.S. spot demand, remained negative at -0.1416%, while exchanges recorded net inflows of 8,428 BTC over the past week. The STH-SOPR, which shows whether short-term holders are taking profits, also stayed below one at 0.9982, suggesting selling has continued even as holders accept slight losses. XWIN Japan said selling pressure may be easing and BTC could be nearing a bottom, but added that a lasting uptrend would require an improvement in the Coinbase Premium, lower exchange net inflows and confirmation that the STH-SOPR has moved above one.