Cryptoquant’s report observes that daily bitcoin ( BTC) outflows from large holders have retreated to 300,000 BTC, down from 800,000 BTC in late February, yet its analysts note the decline stems from capitulation, not renewed conviction. The firm’s dashboards show whales realizing losses since prices slipped below $80,000, and the cohort’s net stash shrank about 30,000 BTC over the past week.
Source: Cryptoquant.com report.
The monthly accumulation rate has stalled at 0.5%, the analysis calculates, the slowest clip since Feb. 20. The Seoul‑based researchers also highlight selling pressure from miners. Citing data on cryptoquant.com, they track a 15,000‑ BTC transfer on April 7, the third‑largest miner outflow of 2025, triggered when spot prices touched $74,000.
The analysts attribute the move to contracting margins: miner profitability has narrowed from 53% in late January to 33% amid record hashrate and muted transaction fees. Cryptoquant’s Bull Score Index, a composite sentiment gauge, sits at 20. The firm’s researchers stress that the reading has held below 50 for 58 of the past 60 days, matching stretches last seen in the 2022 bear market and implying limited probability of an immediate rebound.
Broader macro signals receive scant comfort. The report’s researchers link softer whale demand to ongoing U.S.–China tariff tension, warning that accumulation historically weakens when trade frictions erode risk appetite. While outflows have moderated, Cryptoquant concludes that neither whales nor miners are yet positioned to spark sustainable upside.
Until accumulation revives and miner inventories stabilize, Cryptoquant contends, bitcoin may remain range‑bound, with rallies vulnerable to renewed supply. The researchers say further dips would likely draw whale bids, but only a decisive turn in the Bull Score above 40 would mark a convincing shift in sentiment, according to the company’s dashboards.
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