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In the last 30 days, Bitcoin (BTC) whales have purchased over 65,000 BTC, indicating persistent buying pressure despite the overall market correction.
Simultaneously, the Coinbase premium is establishing higher lows, even as price trends decline, adding complexity to market sentiment.
CryptoQuant community analyst Caueconomy pointed out on-chain data showing that whales, excluding miners and exchanges, have consistently increased their Bitcoin holdings since February.
This accumulation trend mirrors previous sustained buying pressure observed between November and December.
While short-term price movements remain volatile, the ongoing accumulation by large entities suggests that supply is being withdrawn from the market at a steady pace.
This trend contrasts with intermittent accumulation phases, where buying is followed by distribution, often leading to price fluctuations. If whales maintain their current buying levels in the coming weeks, it could strengthen a long-term bullish market structure.
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However, the analyst emphasized 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 important metric, the Coinbase premium, has formed higher lows despite Bitcoin’s declining price channel. The Coinbase premium reflects the price difference in BTC between Coinbase and other major exchanges, often indicating 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 rising Coinbase premium suggests ongoing interest from larger investors.
Nonetheless, the market remains uncertain, lacking clear confirmation of either a fully bearish trend or an imminent reversal. This environment has generated conflicting signals, complicating short-term price direction assessments for traders.
The analyst advised caution against reactive trading decisions driven by short-term price movements due to the absence of clear trend confirmation. The current market structure does not strongly indicate a bear market, but it also does not provide definitive bullish signals.
The post Whales accumulate 65,000 Bitcoin as market uncertainty grows appeared first on CryptoSlate.
