Analyst: Whales are accelerating Bitcoin accumulation due to favorable macroeconomic factors

According to ChainCatcher, while the overall crypto market has been moving sideways this week, Bitcoin has been trapped in a narrow range of fluctuations. However, analysts point out that beneath the calm surface, there is large-scale accumulation of positions taking place.

Meanwhile, after experiencing the largest single-day net inflow in a month, Bitcoin spot ETFs have once again seen a wave of redemptions. On Wednesday, Bitcoin spot ETFs saw outflows of about $278 million, while Ethereum spot ETFs saw outflows of about $184 million. In contrast, Solana spot ETFs recorded a net inflow of $18.06 million. Timothy Misir, Head of Research at BRN, stated: "Whales continue to accumulate, with more than 45,000 Bitcoins added this week, marking the second-largest accumulation since 2025." At current prices, this equates to approximately $4.6 billion in capital inflows. He added that this indicates that structural positions are gradually being established despite weak capital flows and sluggish market momentum.

Blockchain data shows that these purchases are mostly accompanied by increased withdrawals from trading platforms to cold storage accounts, suggesting institutional positioning rather than retail speculation. After the U.S. government officially reopened this week—ending a 41-day shutdown following the House of Representatives' passage of a long-delayed spending bill—about $40 billion in delayed liquidity was released. This has restored a certain level of confidence in global markets, supporting what Misir described as "cautious optimism regarding the improved macro environment and risk sentiment."