Analysts: BTC exchange reserves rebound to approx. 2.68 million, spot demand turns negative once again as whale accumulation diverges.

On October 19 that CryptoQuant analyst XWIN Japan stated that data indicates Bitcoin still exhibits certain bottoming conditions, but improvements in supply and demand are uneven. Exchange BTC reserves rebounded from approximately 2.67 million coins at the start of October to roughly 2.68 million. Although this remains below January levels, it signifies that exchange supply is no longer continuing to decline; meanwhile, the reserve increase may also stem from custody adjustments and cannot be directly interpreted as rising sell pressure.

On the demand side, 30-day spot demand turned negative again after previously approaching zero, while perpetual contract demand remained positive. Whale activity also displayed divergence: addresses holding between 100 and 1,000 BTC maintained net accumulation over the past 60 days, albeit at a level lower than the late September peak; addresses holding between 1,000 and 10,000 BTC saw their net distribution narrow to near zero, while addresses holding over 10,000 BTC continued to show net distribution.

XWIN Japan noted that for Bitcoin to establish a more sustained recovery, spot demand needs to remain consistently positive, the market must absorb the BTC flowing back into exchanges, and accumulation patterns must spread across a wider range of holder segments.