SPX6900 Hits New Highs Amid Smart Money Accumulation
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BTCCSquare news:
SPX6900's recent price surge coincides with on-chain data revealing strategic accumulation by institutional players. Smart money wallets now hold 2.77 million SPX tokens, an 8.33% monthly increase, while exchange reserves have dropped 17%—a classic bullish divergence.
The distribution score remains at 13, indicating concentrated holdings among top wallets. However, synchronized exchange outflows and smart wallet inflows suggest sustained demand. Retail participation is growing, with wallet counts surpassing 43,700 from 41,800 in June.
Price action consolidates NEAR highs as traders anticipate a potential breakout toward $2. The setup mirrors historical accumulation phases where shrinking exchange liquidity precedes upward volatility.
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