Wu learned that CoinShares' latest market report suggests that on-chain data for Bitcoin shows whale addresses holding over 100k BTC have essentially stopped selling, and the major selling pressure formed in 2025 has largely dissipated. CoinShares stated that internal market indicators support the view that Bitcoin is forming a cyclical bottom, but factors such as the Fed's continued hawkish stance, Strategy-related supply, and geopolitical issues still pose upward resistance, making the current situation more like the early stages of bottoming rather than the start of a new rally.

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