Bitcoin Faces Weakest Monthly Growth Since July as Whales Counteract ETF Inflows

Bitcoin BTC is connected way to grounds its weakest monthly show successful a twelvemonth amid a puzzling premix of accordant spot ETF inflows and signs of on-chain selling by whales and tiny wallets.

As of writing, BTC changed hands astatine astir $107,000, up conscionable 2% for the month, according to CoinDesk data. That's the smallest monthly summation since past July.

The dour terms enactment appears confounding arsenic the U.S. spot exchange-traded funds (ETFs) person continued to spot beardown uptake, registering $3.9 cardinal successful nett inflows successful consecutive weeks. Besides, the corporate treasury adoption continues astatine brisk gait globally.

Whale selling

However, on-chain information sourced from Glassnode, peculiarly 1 cardinal metric called the Accumulation Trend Score, which breaks down the behaviour of antithetic wallet cohorts, doesn't overgarment a rosy picture.

The metric measures the comparative spot of accumulation for each cohort based connected the size of entities and the magnitude of BTC acquired implicit the past 15 days. A worth person to 1 suggests that participants successful that cohort are accumulating coins, whereas a worth person to 0 signals distribution. Entities specified arsenic exchanges and miners are excluded from this calculation.

Currently, holders with balances betwixt 10 and 10,000 BTC are successful accumulation mode, though their behaviour fluctuates betwixt buying and selling, indicating they are much opportunistic traders alternatively than accordant buyers oregon sellers. Conversely, whales holding 10,000 BTC oregon much are leaning somewhat toward distributing their holdings, portion smaller holders are besides nett sellers.

Consolidation phase

Between January and April 2025, each cohorts were predominantly selling, but accumulation resumed erstwhile bitcoin bottomed successful April adjacent the $76,000 level. Now, the plus appears to person entered different consolidation phase.

In its latest “Week On-Chain” report, Glassnode suggests that profit-taking enactment is opening to slow. Realized profits person reached $650 cardinal successful this rhythm compared to $550 cardinal during the erstwhile cycle. Glassnode attributes this inclination to a marketplace cooldown, further emphasizing the ongoing consolidation period.