Bitcoin Spot Volume at 7-Year Low, Whales Accumulate 54K BTC

Spot volume hit a 7-year low while futures open interest rose, indicating a leverage-driven market. Short-term holder supply shrank to 23.6%, suggesting coins moving to long-term hands. Meanwhile, whales have added 54,000 BTC since mid-June, a strong accumulation signal. However, only 53.7% of UTXOs are in profit, and price remains trapped below $65K. Exchange reserves are rising on Binance, Kraken, and Bitstamp, signaling increased selling potential. Whale vs retail delta hit a 61-day low, showing smart money reducing long exposure. Coinbase Premium has been negative for three months, confirming weak US demand. Transfer volume is recovering, but real demand remains weak.