Over the past 30 days, Bitcoin (BTC) whales have acquired more than 65,000 BTC, signaling sustained buying pressure despite the broader market correction.
At the same time, the Coinbase premium is forming higher lows, even as the price trends lower, adding complexity to market sentiment.
CryptoQuant community analyst Caueconomy highlighted on-chain data indicating that whales, excluding miners and exchanges, have steadily increased their Bitcoin holdings since February.
This accumulation pattern resembles previous sustained buying pressure observed between November and December.
While short-term price action remains volatile, the continued absorption by large entities suggests that supply is being removed from the market at a consistent rate.
This trend differs from sporadic accumulation phases, where buying is followed by distribution, often leading to price fluctuations. If whales maintain their current level of buying for the coming weeks, it could reinforce a longer-term bullish market structure.
However, the analyst noted that this does not imply an immediate price rebound, as liquidity and macroeconomic factors continue to influence market behavior.
Coinbase premium and market sentiment
Another key metric, the Coinbase premium, has formed higher lows despite Bitcoin’s declining price channel. The Coinbase premium reflects the difference in BTC prices between Coinbase and other major exchanges. It often indicates institutional demand in the US market.
CryptoQuant community analyst Avocado_Onchain noted that while Bitcoin has repeatedly tested lower levels within its downward price channel, the increasing Coinbase premium suggests continued interest from larger investors.
However, the market remains uncertain, with no decisive confirmation of either a full-fledged bearish trend or an imminent reversal. This environment has created conflicting signals, making it challenging for investors to assess short-term price direction.
The analyst cautioned against reactive trading decisions driven by short-term price movements given the lack of clear trend confirmation. The current market structure does not strongly indicate a bear market, but neither does it provide definitive bullish signals.
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