XWIN says Bitcoin whale accumulation turned positive over 60 days, while spot demand remains weak
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.
