Bitcoin Records Lowest Monthly Gain Since July Amid Whale Selling

Bitcoin (BTC) is experiencing its weakest monthly performance in a year, with only a 2% increase this month, currently priced around $107,000. This marks the smallest gain since July.

Despite strong inflows into U.S. spot ETFs, totaling $3.9 billion over consecutive weeks, and ongoing corporate treasury adoption, on-chain data shows signs of selling among larger holders.

Whale Selling

The Accumulation Trend Score indicates mixed behavior among different wallet sizes.
Holders with 10 to 10,000 BTC are accumulating but act as opportunistic traders.
Whales (holding 10,000 BTC or more) are slightly distributing their holdings.
Smaller holders are also net sellers.

Consolidation Phase

From January to April 2025, all cohorts were mainly selling; accumulation resumed after BTC bottomed at around $76,000 in April.
Currently, Bitcoin appears to have entered another consolidation phase.
Realized profits have reached $650 billion in the current cycle, compared to $550 billion in the previous cycle, indicating a market cooldown.