Monday morning, the first thing I looked at wasn’t whether BTC went up or not… What I want to know is—who’s still buying? ETFs continue to see outflows, and market sentiment remains bearish. A lot of people are already worried about whether we’ll see further dips this week. First thing in the morning, I went through the on-chain data. According to on-chain data from AiCoin, over the past two weeks, whales have accumulated a total of 270,000 BTC, worth approximately $16.7 billion. Looking at the past 24 hours, BTC quickly surged from around 62,400 to 63,990, then pulled back to 63,750, with buying pressure firmly holding the price. This kind of support looks more like sustained accumulation by big money rather than a retail-driven rebound. What I’m more concerned about now isn’t how much the price has risen, but whose hands the supply is moving into. The current capital flows are pretty clear: institutions are still adjusting their positions, ETF funds continue to flow out, but whales are steadily increasing their holdings. Some are choosing to exit, while others are quietly picking up the supply. The market fluctuates every day, but the supply doesn’t just disappear—it’s simply transferring between different players. Historically, whenever long-term capital starts accumulating consistently, the market often enters a new phase of supply consolidation. As for whether this is the bottom, no one can say for sure in advance, but capital flows usually signal the answer earlier than market sentiment does. So, for this new week, I’m not in a rush to predict price movements. I’ll just keep watching one thing—are the whales still buying? Prices can manipulate emotions, but capital rarely lies. #BTC #OnChainData #Whales #InstitutionalFunds