Bitcoin Accumulation Pace Accelerates Amid Weakening Spot Demand
A group of super-large wallets has been accumulating Bitcoin at an unprecedented rate this summer. According to CryptoPolitan, these wallets have bought a net 46,420 BTC over the past two months, which is the highest level since March 15. This buying activity occurred as Bitcoin neared $65,000 and is primarily driven by institutions, spot exchange-traded funds (ETFs), and large whales.
Despite this accumulation, it's still unclear whether Bitcoin has entered a full-fledged accumulation phase. Spot demand for Bitcoin is weakening overall, and some experts believe that the current price action and extended consolidation are not sufficient to support buying. Additionally, there is a view that whales are also wary of the possibility of further declines.
The trend is shifting towards other regions, with on-chain data and exchange flows showing signs that Bitcoin buying is moving from the United States to Asia and other global exchanges. The Coinbase Premium Index remains in negative territory, indicating weak U.S.-based demand. However, stablecoin liquidity on Binance suggests that some funds could be allocated to Bitcoin.