Bitcoin demand cools as four wallets hold 100,000 BTC

Bitcoin, at $67,308.01, remains expensive, widely followed, and still short on convincing demand signals. As of April 4, Bitcoin traded near $66,845, up about 0.42% over the past 24 hours. The broader concern is that price has been stuck in a narrow range for days while several on-chain and market-structure indicators have softened at the same time.

Wallet concentration: large holders not expanding

One of the clearer signals in the source material relates to wallet concentration. Only four Bitcoin addresses currently hold more than 100,000 BTC each. Those wallets are linked to major custodial or exchange entities: two associated with Binance, one with Bitfinex, and one with Robinhood.

The significance is that this does not point to a broad wave of new mega-whale accumulation. Historically, increases in the number of wallets crossing the 100,000 BTC threshold have tended to appear around market bottoms and recovery phases, including 2015, 2019, 2022, and 2024. In the current data, that metric is not expanding—no new six-figure BTC wallets are showing up, suggesting large-scale accumulation has cooled.

Exchange flows: withdrawals remain weak

Exchange behavior also points to more available supply. Withdrawal activity has dropped sharply, with just 908 withdrawing addresses recorded in the referenced data—near the lowest level seen in years.

Rising withdrawals are typically associated with investors moving BTC off exchanges into self-custody or cold storage, which can reduce immediate sellable supply. Falling withdrawals imply the opposite: coins are staying on exchanges, where they can be sold with less friction.

While weak withdrawals do not guarantee a selloff, they reduce the “coins leaving the venue” dynamic that often supports stronger uptrends. If volatility increases and sentiment turns, higher exchange-held supply can amplify downside moves because liquidation may be easier.

Network activity: participation is fading

On-chain participation has weakened alongside exchange trends. Daily active addresses—used as a proxy for how many users are sending or receiving BTC—have declined. Lower active address counts generally signal reduced transactional demand and less organic network usage.

The metric is not perfect and can be influenced by batching, wallet behavior, and exchange operations. Still, the combination of stalled large-holder accumulation, weaker exchange withdrawals, and cooling active addresses is harder to dismiss as noise.

Derivatives: funding rates positive but only slightly

In derivatives, the perpetual futures market remains modestly supportive. Funding rates were slightly positive at around 0.0037%, indicating that traders holding long positions are paying a small premium to shorts.

A barely positive funding rate suggests a mild bullish bias, but it is not strong conviction. Such positioning can reverse quickly if spot demand stays weak or if price breaks below a key support zone and starts forcing longs out.

Why the current mix matters

None of the signals alone confirms Bitcoin is headed for a sharp correction. Bitcoin can remain range-bound longer than either bulls or bears expect, and institutional flows can return if macro conditions improve. However, the current combination is not especially reassuring: large-holder growth has stalled, exchange withdrawals are low, active participation is down, and futures positioning remains positive without strong conviction.

Taken together, the picture described in the source material looks more like a market coasting on reputation than one building a clear foundation for a breakout.

What to watch next

The next checkpoints highlighted in the source material are straightforward. First, watch whether exchange withdrawals recover, which would suggest investors are returning to longer-term holding behavior. Second, track active addresses for signs of renewed network use. Third, monitor whether the number of wallets above 100,000 BTC starts growing again, signaling fresh accumulation at the top end.

If these metrics remain weak while Bitcoin hovers around the mid-$60,000 range, downside pressure toward lower support levels becomes easier to argue. If they improve, the market would have a stronger case for interpreting the current action as consolidation rather than complacency.