Bitcoin is entering a phase of clearly diminishing demand, while the flow of whales and dolphins is shifting to a state of compression. This is a rare combination of weakening demand, neutral behavior from large investors, and a narrowing trading capital flow — a configuration that often appears before strong volatility phases.
Apparent demand has remained negative for several weeks, indicating a structural absence of new spot buyers, even as prices remain sideways.
Historically, such deep negative demand zones often form near cycle turning points, when the market must absorb supply greater than the current consumption capacity.
The holding amount of Whale Holdings has stopped decreasing after nearly a year of distribution, indicating that large investors are no longer selling heavily but have not yet returned to aggressive accumulation. This neutral state is often the final phase before clearer directional capital flows.
Meanwhile, the Dolphin group (10–100 $BTC ) continues to decline steadily month by month. This group often leads trend shifts, so sustained selling pressure from them makes the market structure more fragile.
Maintaining a negative to neutral stance, reflecting that immediate demand in the U.S. remains weak. As this persists, upward movements are difficult to sustain, and the liquidity on the downside is easily exploited.
Bitcoin is currently constrained by lack of demand, but volatility pressure is building up. When demand returns positively and large investors shift to accumulation, the next major trend is likely to explode very quickly.
