According to @CW8900: There has been a shift in Bitcoin whale activity. The net change in total whale holdings over the past year has once again turned into an upward trend. Historically, this is a pattern commonly observed during the early stages of a bull market. Whales tend to accumulate positions during the early to mid-phase of a bull market and typically shift to selling near the peak. Currently, whales are once again net buyers, suggesting a structural shift toward the early bull phase rather than a bear market. However, sustained price increases will depend on a broader recovery in spot demand.
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