[Bloomberg: Bitcoin Buying Pressure Fails to Offset Whale Sell-Off Wave] Odaily Planet Daily News – 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 BTC. This is despite stronger ETF buying activity during the same period, with Strategy Inc. continuing to increase its holdings. The report noted that selling by retail investors and other market participants has outpaced incremental institutional buying. Since late November 2025, demand has continued to contract, and the market as a whole remains in a distribution phase. Previously, during the 2024 bull market, a group of whales accumulated approximately 200,000 BTC. However, starting mid-2025, they began large-scale distribution, with the pace of selling accelerating in the fourth quarter of 2025. Meanwhile, the buying pace of medium-sized investors has also slowed. Bitcoin rose 2.2% in March, ending a five-month losing streak, but its current price of around $68,000 is down approximately 45% from the early October high of $126,000. In the U.S. market, the Coinbase premium has turned negative again, indicating weakening buying interest from U.S. investors. CryptoQuant stated that if geopolitical tensions ease, Bitcoin prices may see a short-term rebound.