Retail investors increase holdings, institutions decrease holdings, and ETFs are still flowing out; this pattern doesn't look like a bottom, more like a relay.

K33 points out that Bitcoin retreated about 6% after testing the 200-day moving average this month, but the February low of 60k may still be the largest drawdown in this cycle. After breaking below, there was a slow recovery over 189 days, with leverage and risk appetite not quickly rebounding, currently resembling a mild correction more. The 13F shows institutions reduced their BTC holdings by approximately 26.7k coins in the first quarter, while retail investors increased holdings by about 19.4k coins, with Jane Street, Millennium, and other neutral strategies contributing the most. BTC ETFs experienced outflows over the past five days, the ninth-largest since the launch of spot ETFs, suggesting stop-loss or risk reduction near the cost line.