Bitcoin Short-Term Holder Demand Weakens as Whales Accumulate Over 200,000 BTC

Short-Term Holders continue accumulating Bitcoin, but their Net Position Change over 90 days is declining, signaling weakening near-term demand momentum that Alphractal said has historically preceded market consolidation, increased volatility, or broader regime transitions. BTC climbed above $126,000 in early October, dropped to $60,000 recently, and has recovered near $68,000, while Alphractal founder Joao Wedson said recent institutional buying has not translated into stronger Short-Term Holder demand. Large holders show a contrasting pattern, with whale accumulation up by more than 200,000 BTC and overall holdings continuing to grow even as whale inflows to exchanges have risen, CryptoQuant data show. The metric fell sharply to nearly 7% on December 15, then holdings increased by 3.4% over the past month as whale-held supply rose from around 2.9 million BTC to over 3.1 million BTC, at a time when Bitcoin is consolidating almost 46% below its most recent all-time high.