Bitcoin Nears Bottom on Whale Buying, but Coinbase Premium Signals Missing Demand

A recent Cryptoquant analysis found that Bitcoin whales holding 1,000 to 10,000 BTC moved from selling to accumulating, with their 60-day net position shifting from a 62,600 BTC decline to a 5,230 BTC gain. Binance's USDT reserves climbed from roughly $790 million to $1.76 billion, suggesting more potential buying power. U.S. spot demand remained weak: the Coinbase Premium Index, a gauge of U.S. spot demand, was near minus 0.1416%, weekly exchange flows showed an 8,428 BTC net inflow, and STH-SOPR, tied to short-term holders selling at small losses or near break-even, was near 0.9982. The report said the market was progressing from fewer sellers toward a possible bottom but needed stronger spot demand for a sustained rally.