Bitcoin Whale Accumulation Reverses as Coinbase Premium Stays Negative

Large Bitcoin (BTC) holders have shifted back toward accumulation, while a negative Coinbase premium and net inflows to exchanges leave a broader recovery in U.S. spot buying unconfirmed.

The rolling 60-day change for holders of 1,000 to 10,000 BTC stood at negative 62,600 BTC on Sept. 27. By Oct. 19, it had moved to positive 5,230 BTC. The reversal points to less selling and renewed accumulation within that group.

Funds that could support purchases also increased on Binance. Its Tron-network Tether (USDT) reserve rose from about $790 million on Oct. 7 to $1.76 billion on Oct. 18. That figure covers USDT on Tron, rather than Binance’s total USDT holdings, and the larger reserve does not show that purchases took place.

Other measures have yet to match the change among large holders. The Coinbase Premium Index, a gauge of U.S. spot demand, was near negative 0.1416%. Exchanges also recorded net inflows of 8,428 BTC over the week. Those flows track BTC moving onto exchanges on net; they do not measure completed spot purchases.

The spent output profit ratio for short-term holders was about 0.9982, just under its break-even level of 1. Together, the readings extend earlier signs of a possible Bitcoin bottom without establishing that a lasting recovery has begun.

The next readings to watch are whether the Coinbase Premium Index improves, net BTC inflows to exchanges ease and the short-term-holder ratio rises above 1.