Recent on-chain data suggests institutions are becoming more cautious with Bitcoin.

Dip buying has been weak, and rebounds are often met with selling. Large wallets and ETF flows point to distribution rather than accumulation, while many recent buyers are sitting at a loss. This tends to turn rallies into exit points instead of new entries.

Until steady demand returns, upside looks fragile.

What on-chain signal would convince you that positioning is changing?

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