[Analysis] "Despite 380,000 BTC accumulated by long-term holders…Bitcoin still lacks clear safe-haven signals"

An analysis suggests that, even as US inflation cools and risk appetite has yet to fully take hold, cumulative buying into Bitcoin (BTC) is expanding.

According to EtherNews, a media outlet specializing in virtual assets (cryptocurrencies), on-chain analytics firm CryptoQuant said in a recent report that an additional 387,930 BTC was accumulated over the past 30 days in so-called “accumulator addresses.” This is above the monthly average and suggests that large holders are continuing to increase their exposure despite macro uncertainty.

Earlier, the US January Consumer Price Index (CPI) rose 2.4% year on year, extending the disinflationary trend. Over the same period, the yield on the US 10-year Treasury fell to 4.08%, reflecting demand for safe assets. The report assessed that “capital flows remain defensive and have not shifted into excessive risk-on.”

To gauge whether Bitcoin functions as a macro hedge, CryptoQuant introduced the “When The BTC Is Hedge (WTBIH)” indicator. The framework combines a daily cryptocurrency speculation gauge, monthly CPI, and US Treasury fund flows on a business-day basis.

The report said that “while Bitcoin’s technical accumulation is ongoing, it has not reached a full hedge classification within the framework.” It explained that leverage-driven speculative demand has largely been unwound, while defensive inflows have yet to cross the threshold.

The report added that “continued accumulation and easing speculative pressure point to structural maturation,” but noted that “a clear rotation of macro capital must accompany it for a global hedge signal to be completed.”