Long-standing whales continue to accumulate, while new whales are absorbing the supply resulting from the recent correction.

On-chain data reveals that BTC holdings by "Old Whales" remain near historical highs, reflecting unwavering long-term conviction despite a price correction of over 40% from the peak.
Meanwhile, "New Whales" have significantly increased their balances in recent months, indicating that fresh capital is capitalizing on lower price levels to accumulate Bitcoin.
Concurrently, the NUPL indicator has dropped to around 0.1, well below the "euphoria" zone seen in the previous cycle. This suggests that the majority of unrealized profits have been absorbed, profit-taking pressure has subsided, and the market is entering a redistribution phase.
As both old and new whales increase their accumulation, the circulating supply continues to contract. This often serves as a crucial foundation for the formation of a new uptrend.