Bitcoin Enters Accumulation Phase as Whales Absorb Supply

Bitcoin has entered an accumulation phase, according to recent data from Santiment and CryptoQuant. The Adaptive Sell-side Risk Ratio fell to 0.031, placing it in the third percentile of its cycle.

This metric compares realized gains and losses with Bitcoin's cost basis, indicating a market where profitable and losing sellers have become less active. The ratio has stayed below its 25th percentile since late January and has remained compressed for two months.

Larger wallets added 19,610 BTC while small retail balances declined by 0.55%. This disparity between large holders and smaller traders suggests stronger holders are absorbing supply during price weakness.