Bitcoin’s major holders halt buys as demand slows: CryptoQuant
CryptoQuant says that the holding structure for large Bitcoin holders is deteriorating, a trend that has historically preceded “sustained price weakness.”
An increasing number of Bitcoin holders are seeing their investments turn red as the holding structure continues to deteriorate across major cohorts, according to CryptoQuant.
Annual balance growth for whale accounts holding between 1,000 and 10,000 Bitcoin (BTC) has turned negative in the fastest contraction this year, CryptoQuant said in a report on Thursday.
Monthly growth has been flat since February, suggesting a shift from accumulation to mild distribution mirroring the 2022 bear market, it added.