Bitcoin is currently consolidating between $63,000 and $64,000, with contrasting on-chain indicators. Whales (10 to 10,000 BTC) accumulated 19,696 BTC in just eight days, while small holders are slowing their purchases. The BTC supply in profit has risen to 56%, versus 47% at the June 2026 low, but remains 12 points below its level from three months ago. USDC flows on exchanges have just turned positive after more than two months of net outflows. Spot volumes have nonetheless dropped by over 75% compared to the late 2024 peak, and analysts estimate that a true reversal signal would require a sustained break above the 60% threshold for supply in profit, combined with positive momentum and a return of volumes.
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