Bitcoin
is on the track to record its weakest monthly performance a year in the middle of a surprising mix of constant ETF inflows spots and on-chain signs selling whales and small wallets.
As of writing, BTC changed hands around $ 107,000, up to 2% for the month, according to CoinDesk data. That is the smallest monthly benefit since last July.
Dour price action appears confusing as funds exchanged by the US exchange were exchanged (ETFS) It continues to see a strong outbreak, registering $ 3.9 billion in net inflows in succession weeks. Besides, the Corporate Treasury Adasures It continues to speed in the world.
Selling whale
However, on-chain data comes from glassnode, especially a major measure called The mark of accumulation trendThat will ruin the behavior of various wallet cohorts, does not paint a rosy picture.
The measure measured the relative -child accumulation for each cohort based on the size of the creatures and the amount of BTC obtained in the last 15 days. A value closer to 1 suggests that participants in that cohort are accumulating coins, whereas a value closer to 0 distribution of signals. Entities such as exchanges and miners are not included in this calculation.
Currently, holders with a balance between 10 and 10,000 BTCs are in accumulation mode, even though their behavior changes between purchase and sale, indicating that they are more opportunistic merchants than the same buyers or sellers. By contrast, whales holding 10,000 BTCs or more lean slightly toward the distribution of their holders, while the smaller holders are also net sellers.
Integration phase
Between January and April 2025, all cohorts were predominantly selling, but the accumulation continued once Bitcoin dropped in April near the $ 76,000 level. Now, the owner appears to enter another phase of integration.
In the latest “Sunday on-chain” The report, Glassnode suggests that income removal activity begins to slow down. The realized income has reached $ 650 billion in this cycle compared to $ 550 billion in the past. Glassnode recognizes this trend in a market cooldown, emphasizing the ongoing period of integration.
