Experts: Bitcoin Is Forming a Bottom Amid Whale Accumulation, but Spot Demand Remains Weak

• Large bitcoin holders increased their combined holdings by nearly 89,000 BTC over the past month — to more than 13.69 million BTC, Santiment said.
• Despite activity from large holders, spot demand in the US remains weak, and the Coinbase Premium is around -0.1416%.

Large bitcoin holders have returned to accumulation, which may indicate the market is nearing a bottom. At the same time, spot demand remains weak, so sustained growth for the leading cryptocurrency will require stronger buying activity. CryptoQuant analysts reported this.

According to Santiment, wallets with balances from 10 BTC to 10,000 BTC began actively accumulating coins on September 19. Over the month, their combined holdings increased by about 88,987 BTC and exceeded 13.69 million BTC. This is the highest level in the past six months.

“Historically, this group of investors has closely correlated with bitcoin’s major price trends, so its behavior is especially useful to watch. Sustained accumulation during periods of price volatility suggests that large players are building their positions rather than reducing them,” the statement said.

Separately, the behavior of holders with balances from 1,000 BTC to 10,000 BTC has changed. Their 60-day net accumulation metric rose from -62,600 BTC to +5,230 BTC. This indicates a shift from selling to accumulation.

Spot Demand Remains Weak

Other indicators suggest the market has not yet received sufficient support from buyers. In particular, the Coinbase Premium index is around -0.1416%, indicating weak demand for bitcoin from US investors.

Meanwhile, weekly exchange flows shifted to a net inflow of 8,428 BTC. USDT reserves on Binance also rose — from about $790 million to $1.76 billion. This may indicate an increase in potential buying power on the exchange, but by itself it does not confirm that these funds are already being deployed to buy bitcoin, CryptoQuant noted.

The STH-SOPR metric is hovering around 0.9982 — meaning short-term holders, on average, continue to sell coins at small losses.

According to analysts, the market is moving from a phase of easing selling pressure toward a potential bottom formation. However, a sustained rally will require stronger spot demand.

As a reminder, we previously reported that the number of wallets with balances from 10 BTC to 10,000 BTC reached a new all-time high — 20,338 addresses.

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