Bitcoin exchange reserves rise, spot demand turns negative as whale accumulation lags

ME News reports that, as of October 19 (UTC+8), CryptoQuant’s latest analysis indicates that Bitcoin exchange reserves have risen from approximately 2.67 million BTC at the beginning of October to around 2.68 million BTC, still significantly below January levels; the increase in reserves does not necessarily indicate selling, as the transfers may reflect changes in custody. Bitcoin’s 30-day spot demand, which briefly neared zero, has turned negative again, while perpetual contract demand remains positive. Addresses holding 100 to 1,000 BTC have continued net accumulation over the past 60 days, though below the peak at the end of September; addresses holding 1,000 to 10,000 BTC show net reduction approaching zero, while addresses holding more than 10,000 BTC continue to show net reduction, indicating that widespread accumulation has not yet fully begun. (Source: ODAILY)