Bitcoin
is on the way to registering its weakest monthly performance in a year in the midst of a wondringing blend of consistent spot-ETF flow and signs of sales on chain of whales and small wallets.
From writing, BTC changed hands of about $ 107,000, up only 2% for the month, according to Coindesk data. It’s the smallest monthly win since last July.
The Dour Price action seems to be confusing as the US spot exchange traded funds (ETFS) Has continued to see a strong recording and record $ 3.9 billion in net flow for consecutive weeks. In addition, the corporate box continues adopting at a fast pace globally.
Whale sales
On-Chain data, retrieved from Glassnode, especially a key metrics called the accumulation trend that breaks down the construction of various wallet shoe shirts does not paint a rosy image.
The metric measures the relative strength of accumulation for each cohort based on the size of the units and the amount of BTC acquired over the past 15 days. A value closer to 1 suggests that participants in this cohort accumulate coins, while a value closer to 0 signaling distribution. Units such as exchanges and miners are excluded from this calculation.
Currently, holders with balance between 10 and 10,000 BTC are in accumulation mode, although their behavior fluctuates between buying and selling, indicating that they are more opportunistic dealers rather than consistent buyers or sellers. Conversely, whales that hold 10,000 BTC or more lean a little toward distributing their possessions, while smaller holders are also net sellers.
Consolidation phase
Between January and April 2025, all cohorts sold predominantly, but accumulation was resumed when Bitcoin was bound in April near the level of $ 76,000. Now the asset seems to have entered another consolidation phase.
In its latest “Week On-Chain” report, Glassnode suggests that profit-take activity begins to slowly. Realized profits have reached $ 650 billion in this cycle compared to $ 550 billion during the previous cycle. Glassnode attributes this tendency to a market cooling, which further emphasizes the ongoing consolidation period.
