Wallets holding 10 to 10,000 BTC accumulated about 88,987 BTC over a month, according to Santiment. CryptoQuant analysts said the shift may indicate bitcoin is nearing a market bottom, but spot demand remains weak and a sustained rally will require stronger buying.
The Coinbase Premium was about -0.1416%, which CryptoQuant said indicated weak demand from U.S. investors. Binance’s USDT reserves rose from about $790 million to $1.76 billion, but CryptoQuant said that did not confirm the funds were being used to buy bitcoin. Short-term holders continued to sell at small losses on average.
