Bloomberg: Bitcoin Buying Fails to Offset Selling Wave from Whales

Odaily News Despite an increase in institutional buying, Bitcoin demand remains under pressure. As of the end of last month, apparent demand (measuring the extent to which demand exceeds or falls short of newly mined Bitcoin) was approximately negative 63,000 coins, even though ETF buying momentum strengthened during the same period and Strategy Inc. continued to accumulate.

The report points out that selling by retail investors and other market participants has exceeded incremental institutional buying. Demand has been continuously contracting since late November 2025, and the overall market remains in a distribution phase. The whale group, which accumulated approximately 200,000 Bitcoins during the 2024 bull market, began large-scale distribution starting in mid-2025, with the pace of selling accelerating in the fourth quarter of 2025. The buying pace of medium-sized investors is also slowing down.

Bitcoin rose 2.2% in March, ending a five-month losing streak. However, the current price is around $68,000, down about 45% from the peak of $126,000 in early October. In the US market, the Coinbase premium has turned negative again, indicating weakening buying interest from US investors. CryptoQuant stated that if geopolitical tensions ease, the Bitcoin price may see a rebound in the short term.