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Bitcoin is showing mixed signals as on-chain data points in two different directions.\u00a0<\/strong><\/p>\n \n Summary<\/span>\n <\/p>\n <\/p>\n CryptoQuant analyst CW8900 said Bitcoin inflows to accumulation addresses are setting new records each day. The analyst said a large amount of BTC is moving into these wallets even as the market trades in a sideways range.<\/p>\n According to CW8900, whale activity appears to be keeping price action stable while accumulation continues. The analyst said<\/a> large holders are maintaining prices and adding Bitcoin instead of selling into the market and creating panic among smaller investors.<\/p>\n <\/p>\n CW8900 also said retail participation has thinned out. The analyst wrote that most retail investors have already left the market, leaving only a small group of participants while whales continue to build positions.<\/p>\n That reading supports the view that large players are buying quietly during a period of weak volatility. CW8900 said the trend increases the chance of an upward move if buying pressure continues without major disruption to price.<\/p>\n XWIN Research Japan presented<\/a> a different view and said the market bottom is \u201cnot confirmed.\u201d The firm pointed to the Short-Term Holder SOPR, or STH-SOPR, which tracks whether short-term holders are selling Bitcoin at a profit or a loss.<\/p>\n The report said the indicator is hovering around or below 1. That level usually shows that short-term holders are selling at a loss, a pattern often seen when weaker hands exit during a correction.<\/p>\n XWIN Research Japan said this can appear in the early stage of bottom formation. Still, the firm said that selling pressure alone does not confirm a reversal unless buyers step in with clear demand.<\/p>\n That is why the firm also focused on the Coinbase Premium Gap. The metric tracks the price difference between Coinbase and other exchanges and is often used as a signal for US spot demand.<\/p>\n XWIN Research Japan said the Coinbase Premium remains in negative territory. The firm said that reading shows US investors are not buying Bitcoin aggressively at current levels.<\/p>\n The report added that earlier bull phases often featured a steady positive premium, which helped support stronger upside momentum. That condition has not returned in the current market, according to the firm.<\/p>\n Taken together, the two views show a divided setup for Bitcoin<\/a>. Whale wallets appear to be absorbing supply, but weak US demand is keeping the \u201cbottom not confirmed\u201d argument in place for now.<\/p>\n <\/p>\n\n\n\n
Weak Coinbase premium keeps bottom debate open<\/strong><\/h2>\n