Whale Sell-off Overwhelms Institutional Buying Pressure, Bitcoin Demand Remains Under Pressure

BlockBeats News, April 2nd, according to Bloomberg, Crypto data platform CryptoQuant reported that despite the resurgence of ETF inflows and continued accumulation in strategies, Bitcoin's overall demand still faces pressure. Data shows that as of the end of March, Bitcoin's "apparent demand" (demand relative to new supply) was negative by about 63,000 coins, reflecting that large holders' selling has a dominant impact on the market.

The report pointed out that retail and other market participants' selling has exceeded institutional incremental buying, and demand has been shrinking since late November 2025, indicating that the market as a whole is still in a distribution phase. The whale group that accumulated about 200,000 bitcoins during the bull market in 2024 began large-scale distribution in mid-2025, with the selling pace accelerating in the fourth quarter of 2025. The buying pace of medium-sized investors has also slowed down.