Bitcoin whales added 200,000 BTC in a month — but short-term demand is fading at the same time
Bitcoin whales accumulated 200,000 BTC last month, yet short-term holder demand is slowing, creating a market stuck between overhead resistance and a structural floor.Summary
Bitcoin's price decline has created a market where underwater short-term holders act as a ceiling, selling into any bounce to exit their positions, turning rallies into supply events. Furthermore, stress is spreading to long-term holders, evidenced by their Spent Output Profit Ratio (SOPR) turning negative and increased inflows to Binance, suggesting potential intensifying sell-side pressure. Despite this, large buyers like whales have added 200,000 BTC over the past month, mirroring past accumulation phases. However, this accumulation is contrasted by cooling short-term demand, as short-term holders are accumulating much slower than before. The market is currently constrained between the overhead resistance formed by short-term holders' break-even points and a structural cost floor, meaning stabilization depends on reclaiming short-term realized price bands to reduce selling incentives.
(Source：CryptoSlate)