BTC Sees Lowest Monthly Growth Since July as Whales Offset ETF Inflows
bitcoin Faces Weakest Monthly Performance in a Year Amid Mixed Market Signals
bitcoin is poised to register its lowest monthly performance in a year, reflecting a complex interplay between steady inflows into spot exchange-traded funds (ETFs) and indications of selling activity from both large investors and smaller wallets. Currently, bitcoin is trading at approximately $107,000, marking a mere 2% increase for the month, according to CoinDesk data. This represents the smallest monthly rise since July of the previous year.
Spot ETF Inflows and Market Dynamics
Despite the lackluster price movement, U.S. spot ETFs have experienced significant interest, accumulating $3.9 billion in net inflows over consecutive weeks. Additionally, corporate treasury adoption of bitcoin continues to grow at a rapid pace worldwide.
On-Chain Data Insights
However, on-chain analytics from Glassnode reveal a more troubling narrative. One critical metric, the Accumulation Trend Score, assesses the behavior of various wallet groups and indicates a trend of distribution rather than accumulation among larger holders. This score evaluates the strength of accumulation based on the size of entities and the volume of bitcoin acquired over the past 15 days. A score nearing 1 suggests accumulation, while a score closer to 0 indicates distribution.
Currently, holders with between 10 and 10,000 BTC are actively trading, alternating between buying and selling, which suggests they are opportunistic rather than consistent in their trading strategies. In contrast, whales with holdings of 10,000 BTC or more are showing a tendency to distribute their assets, while smaller holders are also net sellers.
Current Market Consolidation
From January to April 2025, all wallet cohorts predominantly engaged in selling activities. However, accumulation resumed after bitcoin hit a low near $76,000 in April. The cryptocurrency now appears to be entering another phase of consolidation.
Profit-Taking Trends
In its recent “Week On-Chain” report, Glassnode notes that profit-taking activities are beginning to decelerate. The realized profits in this current cycle have reached $650 billion, surpassing the $550 billion recorded in the previous cycle. This trend is attributed to a cooling market, further underscoring the ongoing consolidation phase that bitcoin is experiencing.
In summary, while bitcoin‘s price remains relatively stable amid strong ETF inflows, the underlying market dynamics suggest a cautious outlook as various wallet cohorts navigate their trading strategies.
