[Analyst: Significant Divergence Appears On Bitcoin Chain, Whales Shift to Accumulation While Spot Demand Remains Weak] BlockBeats News, October 20, on-chain data analyst XWIN cited CryptoQuant data, stating that current on-chain data for Bitcoin is showing a significant divergence between whale behavior and the spot market. Although large holders have started to re-accumulate, spot market demand remains weak, and the market is transitioning from 'seller exhaustion' to a potential bottoming phase. XWIN noted that on-chain data indicates positive accumulation signals. Large holders owning between 1,000 and 10,000 BTC have reversed their 60-day net accumulation from a negative 62,600 BTC to a positive 5,230 BTC, suggesting that major whales are shifting from distribution mode back to accumulation. Meanwhile, Binance's USDT reserves have surged from approximately $790 million to $1.76 billion, hinting at increasing potential buying power within the market. However, U.S. spot buying has failed to keep pace. The Coinbase premium index is currently around -0.1416%, and weekly exchange flows have turned into a net inflow of 8,428 BTC. Additionally, the Short-Term Holder Spent Output Profit Ratio (STH-SOPR) is hovering around 0.9982, indicating that short-term holders are still selling at near breakeven levels, enduring slight losses. The analyst believes that while underlying structures are improving, stronger spot demand is urgently needed to drive a sustainable rebound. He advises investors to focus on three key signals in the future: the trajectory of the Coinbase premium index, changes in exchange net flows, and whether the STH-SOPR can successfully break above the 1 threshold. [Original Link]