CryptoQuant: BTC Supply-Demand Structure Is Shifting, But a Strong Rebound Still Faces Challenges
The latest analysis from CryptoQuant indicates that while Bitcoin has underlying support, its recovery process remains uneven. First, in terms of exchange reserves, the figure has risen from approximately 2.67 million BTC in early October to around 2.68 million BTC, still far below the level recorded in January. Low reserve levels do not equate to sustained supply contraction; such transfers may reflect changes in custody arrangements, and the reserve increase itself does not confirm sell-side pressure. Second, spot demand recovery has stalled: 30-day spot demand once nearly fell to zero before turning negative again. Perpetual contract demand remains positive, providing support to overall market demand. Finally, whale behavior shows clear divergence: addresses holding 100–1000 BTC have maintained net accumulation over the past 60 days, though the pace is lower than the peak seen at the end of September; the net reduction for the 1000–10000 BTC holder cohort has approached zero, while the group holding over 10000 BTC has posted net outflows. Broad-based accumulation has not yet taken hold across the entire market.
Source: PANewsRead original
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