News linked to both this project and an event.
Odaily report: According to XWIN monitoring, Bitcoin on-chain data reveals a divergence between whale behavior and the spot market. Large holders holding 1,000 to 10,000 BTC have seen their 60-day net accumulation shift from a decrease of 62,600 BTC to an increase of 5,230 BTC, with major whales shifting from distribution to accumulation.Binance's USDT reserves have increased from approximately $790 million to $1.76 billion. US spot buying has not increased in tandem, with the Coinbase Premium Index at approximately negative 0.1416% and exchange net inflows of 8,428 BTC per week. STH-SOPR is approximately 0.9982, with short-term holders still near the break-even point and selling at small losses.XWIN stated that the market's underlying structure is improving, but a sustainable rebound still requires stronger spot demand. XWIN suggests monitoring whether the Coinbase Premium Index, exchange net flows, and STH-SOPR can rise above 1.
CryptoQuant analyst XWIN Japan stated that data indicates Bitcoin still possesses certain bottoming conditions, but the recovery in supply and demand remains uneven. Exchange BTC reserves have rebounded from approximately 2.67 million in early October to around 2.68 million. Although this figure remains below January levels, it suggests that exchange supply is no longer continuing to decline. Furthermore, the increase in reserves may also result from custody adjustments and cannot be directly interpreted as rising selling pressure.
CryptoQuant analyst XWIN Japan stated that the Bitcoin market structure remains constructive, but subsequent price action depends on whether genuine spot demand can absorb market supply. ETF holdings continue to rise, indicating that institutional investors are still accumulating BTC, and large investors are also forming buy-side support near current price levels.