Whales Absorb Supply as Bitcoin Enters Accumulation Zone

Bitcoin has entered an accumulation zone as whales add more coins to their wallets. According to data from Santiment, larger wallets have increased their holdings by 19,610 BTC since July 29, while small retail balances fell by 0.55%. This suggests that stronger holders are absorbing supply while short-term confidence remains fragile.

The Adaptive Sell-side Risk Ratio, a metric used to measure sell-side risk, has fallen to 0.031, placing it in the third percentile of the current halving cycle. Analyst Axel Adler Jr. noted that this reading indicates limited profit-taking and reduced willingness to sell. However, he emphasized that a local bottom still needs confirmation.

Despite recent price volatility, Bitcoin's market structure remains in a consolidation regime, with weak spot participation and softer on-chain activity. Institutional flows and resilient long-term holders have provided support, but broad buying conviction remains limited.