On-chain split — MicroStrategy may resume weekly buys as whales and ETFs absorb supply; Short‑Term SOPR ≤1 and negative Coinbase Premium keep bottom unconfirmed

first published 2026-04-05T14:19:39Z

On-chain indicators conflict: CryptoQuant notes record daily inflows to accumulation addresses suggesting whales are building positions and supporting price even as retail participation thins. XWIN Research Japan reports Short‑Term Holder SOPR near/below 1 (short‑term holders selling at a loss) and a negative Coinbase Premium (weak US spot demand). Together, the readings show whale wallets absorbing supply but a lack of broad buyer demand, leaving the market divided on whether a bottom is in.

AI Analysis

Facts in the summary: CryptoQuant reported record daily inflows to accumulation addresses and thinner retail participation; XWIN Research Japan said Short‑Term Holder SOPR is near or below 1 (short‑term holders selling at a loss) and noted a negative Coinbase Premium (weak US spot demand). These on‑chain metrics present opposing signals — whale accumulation versus weak short‑term and US spot demand — justifying a marginally negative sentiment and moderate market impact.

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