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

Market data shows that Bitcoin whales have recently purchased approximately 53,000 Bitcoins, marking the largest increase since November of last year, providing some support for the price after several weeks of selling. However, overall market demand remains relatively concentrated, raising questions about whether the market has truly entered a recovery phase. Currently, Bitcoin prices are still down about 40% from their October highs, with some cryptocurrency ETF investors experiencing paper losses, and institutional buying has also slowed. Analysts believe that without broader capital participation, this round of buying is more likely a temporary market stabilization measure rather than a signal of a trend reversal.