Analyst: BTC is in a healthy accumulation phase

The market is shifting from being speculation-driven to an accumulation phase led by institutions and long-term investors, according to an analysis by CryptoQuant contributor TopNotchYJ, as reported by The Crypto Basic. The analyst noted that BTC's Spent Output Profit Ratio (SOPR) is approaching one, which signifies a balance between buying and profit-taking. Additionally, a decrease in exchange holdings suggests that BTC is moving to ETFs and institutional custody. The risk of large-scale liquidations has also been mitigated, as the estimated leverage ratio and open interest (OI) are significantly lower than at previous highs. TopNotchYJ concluded that the market is currently being driven by steady accumulation from institutions and long-term investors rather than short-term speculation.