The buying pressure for Bitcoin failed to offset the selling wave from the whales

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. Although ETF buying strength has increased during the same period, Strategy Inc. continues to accumulate. The report indicates that retail and other market participants' selling has exceeded institutional incremental buying, and demand has been continuously contracting since late November 2025, with the overall market still in a distribution phase.

The whale group that accumulated about 200,000 Bitcoins during the 2024 bull market began large-scale distribution in mid-2025, with the selling pace accelerating in the fourth quarter of 2025. The buying speed of medium-sized investors is also slowing down. Bitcoin rose 2.2% in March, ending a five-month decline, but the current price is about $68,000, down approximately 45% from the peak of $126,000 in early October.

In the U.S. market, Coinbase's premium has turned negative again, indicating weakened buying from U.S. investors. CryptoQuant states that if geopolitical tensions ease, Bitcoin prices may rebound in the short term.