On-chain data showed that stayed under pressure even as institutional buying continued. CryptoQuant said apparent demand was negative by about 63,000 by late last month. This measure tracks whether demand exceeds the supply of newly mined Bitcoin.
According to the , “Selling from retail and other market participants is more than offsetting incremental institutional buying.” It added that the broader market has remained in distribution since late November 2025. This means new buying has not been strong enough to absorb ongoing selling.
CryptoQuant also said large holders, known as whales, had shifted from accumulation to active selling. After adding around 200,000 Bitcoin during the 2024 bull market, whales began distributing from mid-2025, with selling speeding up in the fourth quarter of 2025. Mid-sized investors also slowed their purchases, while the Coinbase Premium turned negative again, showing weaker demand from US buyers.