Whale sell-offs offset ETF inflows, Bitcoin faces the weakest monthly rise since July last year.

According to the Gate News bot, CoinDesk reported that Bitcoin is expected to record its weakest monthly performance in a year. On one hand, there is a continuous inflow into the Spot ETF, while on the other hand, there are signs of Whale and small Wallet dumping on-chain, which is undoubtedly somewhat perplexing.

As of the writing of this article, according to CoinDesk data, the trading price of BTC is approximately $107,000, with only a 2% increase this month. This is the smallest monthly increase since July of last year.

The sluggish price trend seems puzzling, as the US Spot ETF (ETF) continues to show strong growth with a net inflow of $3.9 billion for several consecutive weeks. Additionally, the adoption of global corporate treasury management continues to grow rapidly.

However, on-chain data from Glassnode, particularly a key metric called "Accumulation Trend Score" (which breaks down the behavior of different wallet groups), does not paint a bullish picture.

This indicator measures the relative accumulation strength of each group based on the entity size and the amount of BTC obtained in the past 15 days. The closer the value is to 1, the more it indicates that the participants in the group are accumulating BTC, while the closer the value is to 0, the more it indicates that they are diversifying their holdings. Entities such as exchanges and miners are not included in this calculation.

Currently, holders with 10 to 10,000 BTC are in accumulation mode, but their behavior fluctuates between buying and selling, indicating that they are more like opportunistic traders rather than persistent buyers or sellers. In contrast, whales holding 10,000 BTC or more slightly tend to diversify their holdings, while smaller holders are also net sellers.

From January to April 2025, all investors mainly focused on dumping, but after Bitcoin bottomed out around $76,000 in April, it began to accumulate again. Now, this asset seems to have entered a new round of consolidation.

Glassnode pointed out in its latest "on-chain weekly report" that profit-taking activities are beginning to slow down. The realized profits for this cycle have reached $650 billion, while the previous cycle was $550 billion. Glassnode attributes this trend to the cooling of the market, further emphasizing that the market is in a continued consolidation period.