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Analyst: Significant differentiation has appeared on the Bitcoin blockchain, with whales turning to hoarding coins while spot demand remains weak

On-chain data analyst XWIN cited CryptoQuant data indicating that Bitcoin's current on-chain data is showing a significant divergence between whale behavior and the spot market. Although large holders have begun to accumulate again, demand in the spot market remains weak, and the market is transitioning from "seller exhaustion" to a potential bottom. XWIN stated that on-chain data shows positive accumulation signals. Holders of 1,000 to 10,000 Bitcoins have significantly reversed their 60-day net accumulation from negative 62,600 to positive 5,230, indicating that major whales are shifting from a distribution model back to accumulation.At the same time, the USDT reserves on the Binance trading platform have surged from about 790 million USD to 1.76 billion USD, suggesting that potential buying power in the market is increasing. However, spot buying in the U.S. has not kept pace. The Coinbase premium index is currently around -0.1416%, and weekly trading platform flow has turned into a net inflow of 8,428 BTC. Additionally, the short-term holder spent output profit ratio (STH-SOPR) hovers around 0.9982, indicating that short-term holders are still experiencing slight losses near the breakeven point and are choosing to sell.Analysts believe that while the underlying structure is improving, stronger spot demand is still urgently needed to spark a sustainable rebound. They suggest that investors focus on three key signals in the future: the trend of the Coinbase premium index, changes in exchange net flow, and whether the STH-SOPR can successfully rise above the 1 mark.

The US SOL spot ETF had a net outflow of 6.7215 million USD in a single day, with ZEC experiencing a net outflow and NEAR a net inflow

According to SoSoValue data, yesterday (Eastern Time October 19), the total net outflow of the SOL spot ETF was $6.7215 million.The SOL spot ETF with the highest net outflow yesterday was the Bitwise Solana Staking ETF (BSOL), which had a net outflow of $4.8816 million, and its historical total net inflow has reached $1.175 billion. The second was the Fidelity Solana Fund ETF (FSOL), with a net outflow of $1.8399 million, and its historical total net inflow has reached $230 million. As of the time of writing, the total net asset value of the SOL spot ETF was $1.625 billion, with a net asset ratio of 0.00%, and the historical cumulative net inflow has reached $1.551 billion.On the same day, the total net outflow of the ZEC spot ETF in the United States was $10.4472 million, while the NEAR spot ETF had a total net inflow of $5.4184 million. For ZEC, only the Zcash ETF (ZCSH) recorded a net outflow of $10.4472 million, with a historical cumulative net inflow of $15.2 million. As of the time of writing, the total net asset value of the ZEC spot ETF was $602 million, with a net asset ratio of 3.15%.For NEAR, only the Bitwise NEAR ETF (NRR) recorded a net inflow of $5.4184 million, and the historical cumulative net inflow of this fund was $88.4653 million. As of the time of writing, the total net asset value of the NEAR spot ETF was $86.9531 million, with a net asset ratio of 1.35%, and the historical cumulative net inflow was $88.4653 million.
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