Analysis: Recent accumulation of BTC by whales supports the price, but the risk of a demand gap still exists

Market data shows that Bitcoin whales have accumulated approximately 53,000 Bitcoins since last year, which has provided some support for the price. 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 market behavior rather than a signal of a trend reversal.