Analysis: Whales have significantly increased their Bitcoin holdings recently, but overall market demand remains insufficient

According to market data, Bitcoin whales have recently accumulated approximately 53,000 BTC, marking the largest increase in holdings since last November, providing some support to prices after several consecutive weeks of selling. However, overall market demand remains relatively concentrated, raising questions about whether the market has truly entered a recovery phase. Currently, Bitcoin's price is still down about 40% from its peak in October last year, with some cryptocurrency ETF investors facing unrealized losses, and institutional buying momentum has also slowed down. Analysis suggests that in the absence of broader capital participation, this round of buying is more likely a temporary market stabilization move rather than a signal of a trend reversal.