Whale stop-dumping is a signal, but the hawkish Fed is still hanging overhead; the bottom is in, but the bull hasn’t arrived yet—just grind a little more.

Wu said that CoinShares' latest market report believes that Bitcoin on-chain data shows that whale addresses holding over 100k BTC have largely stopped selling, and the main selling pressure formed in 2025 has mostly subsided. CoinShares stated that internal market indicators support Bitcoin forming a cyclical bottom, but the Federal Reserve still maintains a hawkish stance, along with Strategy-related supply and geopolitical factors, which continue to pose upward resistance. Therefore, the current situation is more like the early stages of bottoming out, rather than the start of a new rally.