Short-term Bitcoin buyers are becoming cautious, and accumulation is slowing even as net positions stay positive.

Bitcoin climbed above $126,000 in early October and recently crashed to $60,000 before a modest recovery near $68,000. Despite the brutal swing, many entities are still buying the asset, betting on a much-anticipated price appreciation.

But a certain cohort of BTC holders has reduced this pace.

Demand Deceleration

Data shared by Alphractal revealed that the Short-Term Holder Net Position Change over 90 days is declining, despite remaining in positive territory. This means that while short-term holders are still accumulating Bitcoin, the pace of accumulation has slowed sharply in recent days.

According to the analytics platform, this deceleration points to weakening short-term demand momentum and has historically preceded periods of market consolidation, increased volatility, or broader regime transitions.

Against this backdrop, Alphractal founder Joao Wedson said that recent institutional buying has not translated into stronger short-term holder demand.

“Even with the news of Strategy accumulating and other institutional entities increasing their positions, Short-Term Holders are not accumulating at the same pace as they were 90 days ago. Analyzing a few isolated entities is not enough. The correct approach is to evaluate the entire Bitcoin blockchain to understand the true underlying demand”

Whale Holdings Differ

Separate analysis from CryptoQuant points to a contrasting trend among large Bitcoin holders. It found that whale accumulation has increased by more than 200,000 BTC.

Although whale inflows to exchanges have risen recently, which is often associated with short-term selling activity, their overall holdings have continued to grow. To capture a more medium-term perspective, the analysis tracks whale-held supply using monthly averages rather than short-term flows. After this metric fell sharply to nearly -7% on December 15, whale behavior appears to have changed over the past month, as evidenced by holdings increasing by 3.4%.

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During this period, the amount of Bitcoin held by whales rose from around 2.9 million BTC to over 3.1 million BTC. The last time an accumulation of this scale occurred was during the April 2025 market correction, when whale buying helped absorb selling pressure and Bitcoin’s advance from $76,000 to $126,000. CryptoQuant explained that the crypto asset is currently consolidating almost 46% below its most recent all-time high. Hence, some whales may be taking advantage of this opportunity.

Hedera has posted a muted recovery in recent sessions. HBAR price remains constrained by cautious sentiment across the broader cryptocurrency market. Uncertainty in Bitcoin and macro conditions continues to cap upside attempts.

However, bearish traders may need to monitor changing signals. Derivatives positioning and capital flow indicators suggest the current balance could shift.

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Hedera Traders Could Be In Trouble

HBAR is currently experiencing strong bearish positioning in the futures market. Traders have opened a notable number of short contracts, reflecting expectations of further downside. The liquidation map highlights that positions are skewed toward bears at current levels.

Data shows that HBAR bears could face approximately $4.9 million in liquidations if the price crosses the $0.1143 mark. Such forced liquidations can trigger rapid upside volatility. When short positions unwind, buying pressure increases as traders close contracts.

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The Chaikin Money Flow indicator offers additional insight into capital movement. CMF measures inflows and outflows to assess whether buyers or sellers dominate. The indicator is currently rising, although it remains at the zero line.

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An upward slope at zero suggests that outflows are at par with the inflows. However, the gap will likely diminish as inflows rise. Declining outflows often precede a shift toward net inflows. If this transition occurs, HBAR could gain the support needed for a short-term recovery.

Bitcoin Is Unhelpful

Correlation trends also support a potential shift. HBAR’s correlation with Bitcoin has declined in recent weeks. The current coefficient has dropped to 0.09, signaling weaker alignment with the crypto market leader, inching closer to completely dissociating with Bitcoin.

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Reduced correlation can benefit altcoins during periods of Bitcoin uncertainty. If HBAR decouples further, price action may reflect investor-specific demand rather than broader market weakness. This flexibility could allow HBAR to chart an independent recovery path.

HBAR Price Has a Few Barriers To Breach

HBAR is trading at $0.1019 at the time of writing. The altcoin remains above the key $0.0961 support level at the 38.2% Fib line. However, it faces resistance at $0.1035, which aligns with the 50% Fibonacci retracement. This level currently caps upward momentum.

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Flipping $0.1035 into support would mark a short-term breakthrough. Combined with declining outflows, this shift could fuel a recovery rally. HBAR would then target $0.1109 at the 61.8% Fibonacci.

This level is considered a critical support for an asset, and flipping it would likely trigger stronger buying among the investors, pushing the HBAR price higher.

This would bring HBAR past $0.1143, a level that threatens $4.9 million in shorts liquidations. Sustained strength could extend gains toward $0.1215 and $0.1349 eventually, helping recover year-to-date losses.

If bullish signals fail to materialize, consolidation may continue. Persistent outflows would limit breakout attempts. A breakdown below $0.0961support could expose HBAR to further downside near $0.0870. Such a move would invalidate the near-term bullish outlook and reinforce bearish control.

Payward, the parent company of cryptocurrency exchange Kraken, has acquired tokenization platform Magna, expanding the company’s infrastructure.

Kraken said Wednesday the acquisition would allow Magna to operate “as a standalone platform, powered by” the crypto exchange. The company’s announcement said Kraken would use the platform for “onchain and offchain vesting, white-label token claims, custody and escrow workflows, specialized staking functionality” and other functions.

“Joining Kraken gives us the resources to support existing and new clients with institutional-grade infrastructure, deeper liquidity, and global distribution,” said Magna CEO Bruno Faviero.

According to Kraken, Magna serves more than 160 clients with a peak total value locked of $60 billion in 2025. The acquisition is the latest move by the exchange this month, following an integration with ICE Chat, and its move to sponsor “Trump Accounts” under an initiative pushed by US President Donald Trump.

Related: Kraken parent Payward revenues jump 33% as crypto traders pile in

Kraken submitted a confidential initial public offering filing with the US Securities and Exchange Commission in November, signaling a potential IPO in the future. The company reported $2.2 billion in adjusted revenue for 2025.

In 2025, Payward acquired crypto native prop company Breakout, futures trading platform NinjaTrader, derivatives trading platform Small Exchange and software company Capitalise.

Other crypto companies mulling US IPOs in 2026

Crypto hardware wallet provider Ledger, headquartered in France, was reportedly discussing a potential public offering in the United States, with a valuation of $4 billion. Digital asset custodian Copper, based in London, was also reportedly considering a similar move into the US markets, while Securitize, a tokenization platform, reported in January that the company’s revenues were up over 840%, in an SEC filing ahead of plans to go public.