XWIN’s latest monitoring points to a split between whale behavior on the Bitcoin network and conditions in the spot market. Large holders with 1,000 to 10,000 BTC shifted their 60-day net accumulation from a reduction of 62,600 BTC to an increase of 5,230 BTC, indicating that major whales have moved from distribution to accumulation. At the same time, Binance’s USDT reserves rose from about $790 million to $1.76 billion.
That improvement has not been matched by stronger U.S. spot buying. XWIN said the Coinbase premium index was around -0.1416%, while exchanges recorded weekly net inflows of 8,428 BTC. The firm also put STH-SOPR at about 0.9982, suggesting short-term holders remain near break-even and are still selling at a slight loss. XWIN said the market’s underlying structure is improving, but a sustainable rebound still needs stronger spot demand. It added that traders should watch the Coinbase premium index, exchange netflows, and whether STH-SOPR can move back above 1.
According to XWIN monitoring cited by Odaily, Bitcoin on-chain data is showing a divergence between whale activity and the spot market.
Large holders with 1,000 to 10,000 BTC have seen their 60-day net accumulation shift from a decline of 62,600 BTC to an increase of 5,230 BTC. XWIN said major whales have moved from distribution to accumulation.
Binance’s USDT reserves also climbed from about $790 million to $1.76 billion. Even so, U.S. spot buying has not increased in step. The Coinbase premium index was around -0.1416%, and exchanges posted weekly net inflows of 8,428 BTC.
STH-SOPR stood at about 0.9982, indicating that short-term holders remain close to break-even and are selling at a slight loss.
XWIN said the market’s underlying structure is improving, but a sustainable rebound still requires stronger spot demand. The firm said the Coinbase premium index, exchange netflows, and whether STH-SOPR can rise above 1 are key indicators to watch.
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