According to ChainCatcher, on-chain analysis company CryptoQuant said that Bitcoin whales have significantly reduced the speed of accumulating tokens. The 30-day percentage change in whale holdings has dropped from 6% in February (the fastest rate since February 2019) to the current 1%. "Most" demand indicators currently show weakness. Bitcoin's purchasing power is not enough to bring its price to an all-time high.

The report pointed out: "Despite the slowdown in overall demand growth for Bitcoin, permanent holders continue to accumulate Bitcoin at unprecedented levels. The total balance of these holders is growing at a record rate of 391,000 Bitcoins per month. The growth rate of demand by permanent holders is even faster than when the price of Bitcoin exceeded $70,000 in the first quarter of 2024."