Analysis shows that large whales have recently increased their holdings of Bitcoin on a large scale, but the overall market demand still appears insufficient

Market data shows that Bitcoin whales have recently accumulated approximately 53,000 Bitcoins, marking the largest increase since last year. This has provided some support for the price after several weeks of selling. However, overall market demand remains relatively concentrated, raising doubts about whether the market has truly entered a recovery phase.

Currently, the price of Bitcoin is still down about 40% from last year's peak, and some cryptocurrency ETF investors are in a state of unrealized losses, while institutional buying has also slowed down. Analysts believe that, in the absence of broader capital participation, this round of buying is more likely to be a phase of stabilizing the market rather than a signal of a trend reversal.