Large Bitcoin Holders Accumulate 89,000 BTC, Spot Demand Remains Weak

Large Bitcoin holders increased their reserves by 89,000 BTC over the month, reaching over 13,690,000 BTC, according to Santiment. Despite the activity from large holders, spot demand in the U.S. remains weak, with the Coinbase Premium index around -0.1416%. Accumulation began on September 19, when wallets with balances from 10 BTC to 10,000 BTC started actively buying coins. Over the month, their reserves grew by 88,987 BTC, marking the highest level in the last six months. Holders with balances from 1,000 BTC to 10,000 BTC also changed their behavior, with their 60-day net accumulation metric rising from -62,600 BTC to +5,230 BTC. However, other indicators point to a weak market, with weekly net inflows to exchanges of 8,428 BTC and an increase in USDT reserves on Binance from $790 million to $1.76 billion. The STH-SOPR metric around 0.9982 indicates that short-term holders continue to sell coins at small losses. Analysts believe the market may be forming a bottom, but a strengthening of spot demand is necessary for sustained growth.

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