TechFlow reports that, according to market data, Bitcoin whales have collectively purchased approximately 53,000 BTC since November last year, providing some support to the price. However, overall market demand remains relatively concentrated, raising questions among market participants about whether the market has truly entered a recovery phase. Currently, Bitcoin’s price remains roughly 40% below its October high last year; some cryptocurrency ETF investors are sitting on unrealized losses, and institutional buying momentum has also slowed. Analysts suggest that, in the absence of broader capital participation, this round of buying is more likely a short-term market stabilization effort rather than a signal of a structural trend reversal.
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