Whale Signal or a Temporary Bounce? Experts Say Bitcoin Has Returned to a Key Demand Zone

• The 90-day Bitcoin buy/sell pressure delta has returned to positive territory after a sharp move out of negative readings.
• Wallets holding between 10 and 10,000 BTC accumulated 41,025 BTC over 10 days, lifting their combined balance to 13.64 million BTC.
• At the same time, analysts warn that the current demand rebound does not yet confirm the formation of a sustainable uptrend.

The 90-day Bitcoin buy/sell pressure delta has sharply exited the negative zone and returned to a range associated with stronger buyer pressure. The leading cryptocurrency’s price recovery unfolded in parallel with this metric, CryptoQuant said. 

A positive delta indicates that, over the 90-day window, buyers are once again outweighing sellers. At the same time, the current reading remains below the levels seen during stronger growth phases, the experts added.

CryptoQuant points to historical examples. A move into this zone in early 2023 was accompanied by a prolonged price rally. By contrast, a similar test in mid-2025 led to a less sustainable upswing, after which the market weakened again.

Therefore, analysts say it is now important not only that the delta has returned to positive territory, but also whether it can continue rising.

Large holders accumulated 41,025 BTC

In parallel, Santiment reported increased activity among large Bitcoin holders.

Wallets holding between 10 and 10,000 BTC accumulated 41,025 BTC over the past 10 days. Their combined balance rose to 13.64 million BTC, representing 67.93% of Bitcoin’s total supply.

According to experts, holdings in this owner category have returned to their highest levels since the mid-August rally.

Analysts note that, historically, bitcoin and the crypto market as a whole have tended to perform better when this group was accumulating coins. By contrast, selling by these holders increased downward pressure on the market.

The smallest wallets with balances below 0.01 BTC are mostly inactive. Santiment notes that a more favorable setup for the market would be one in which retail investors start selling while large holders continue to accumulate. According to analysts, small traders have historically been prone to panic selling near levels that are more attractive for buying.

At the same time, Santiment emphasizes that the current divergence does not guarantee a price increase.

As a reminder, earlier Wintermute forecast that the crypto market’s next moves will be increasingly driven by macroeconomic factors, including oil prices and the situation in the Strait of Hormuz.

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