Svmuu reports that a report from CryptoQuant indicates that accumulation activity by Bitcoin whales holding between 1,000 and 10,000 BTC, as well as smaller whales holding between 100 and 1,000 BTC, has largely stalled, with monthly balance growth approaching zero. The report notes that the year-over-year contraction rate of whale balances is the fastest seen this year. While the balances of whales holding 100 to 1,000 BTC have maintained positive growth, the pace has slowed significantly, suggesting a continued cooling of structural demand in this cycle.
Meanwhile, the supply held by long-term holders has risen to a new all-time high of 15.8 million BTC, while the supply held by short-term holders has dropped from 6.4 million BTC in December of last year to approximately 4.2 million BTC currently. The report states that the current market structure closely resembles that of the early bear market in March 2022.