CryptoQuant records a sharp increase in demand for BTC from so-called accumulation addresses. That is, wallets that have no outflows. According to their estimates:

- The current monthly accumulation is about 372,000 BTC.

- For comparison: in September 2024 (before the first surge of BTC to $100,000), the average was about 10,000 BTC. 37 times less.

- Importantly, the sample excludes known exchange and miner addresses, and no outflows are observed from these addresses.

As a result, we have a strong signal of structural demand. Ideally, support for the price from below is strengthening. However, looking at the current chart, it's hard to believe in it.

True, volatility may increase. The less liquid supply there is, the sharper the movements up/down can be during news impulses. So here it's a "double-edged sword." BUT the very fact of accumulation, especially at such a pace - is undoubtedly a positive signal.