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ChainCatcher news, according to CryptoQuant's weekly report analysis, as of now, whale addresses (addresses holding 100 to 1,000 bitcoins) collectively hold approximately 5.16 million BTC, accounting for 26% of bitcoin's circulating supply, making them the most important holding group in the current market. In 2025, whale addresses have accumulated an increase of about 681,000 BTC, while other address groups have shown a net decrease, indicating a trend of institutional investors absorbing retail investors' sell-offs. The annual growth rate of whale holdings is 907,000 BTC, higher than the 365-day average of 730,000 BTC, indicating that long-term demand remains strong. However, short-term momentum has weakened, and if the monthly accumulation rate fails to accelerate again, bitcoin's price may struggle to break through a new high of $126,000. Currently, bitcoin's resistance level is at $115,000, and the support level is at $100,000. If it falls below $100,000, it may trigger a further correction to around $75,000. Historical data shows that when the annual growth rate of whale holdings falls below the 365-day average, it often signals the end of a bull market. Current data suggests the market may still be in the late stage of a bull market, and future trends will depend on whether this group's accumulation speed can accelerate.

ChainCatcher reported that CryptoQuant analyst Axel Adler Jr stated that the macro-level bitcoin heat has dropped to the bottom/accumulation area, indicating that speculative pressure has recently decreased. In a bull market, a decline in macro heat coincides with a period of position accumulation before the next growth phase. For a rebound to occur, volatility needs to decrease, and there should be no negative global triggers within a week.