The supply and demand pattern of Bitcoin is changing, spot demand is turning negative, and the accumulation of giant whales has not fully unfolded Odaily Planet Daily News: The latest analysis shows that Bitcoin exchange reserves have risen from about 2.67 million at the beginning of October to about 2.68 million, still far below the level in January; An increase in reserves does not necessarily indicate a sell-off, and a transfer may reflect a change in custody. Bitcoin's 30 day spot demand briefly approached zero before turning negative again, while demand for perpetual contracts remains positive. The addresses holding 100 to 1000 BTC have maintained a net accumulation over the past 60 days, but below the peak at the end of September; The net decrease in addresses holding 1000 to 10000 BTC is approaching zero, while addresses holding over 10000 BTC are still experiencing a net decrease, and the accumulation has not yet fully begun.