Bitcoin remains below $70,000 for most of the first quarter of 2026. There is a weak price movement on the surface, and many traders have a short-term bearish outlook. However, according to the analysis published in CryptoQuant Insights’ XWIN Research, the real story lies beneath the price chart. The Bitcoin market is not collapsing; it is splitting into two different camps. Whales are selling, while institutions are accumulating. The Exchange Whale Ratio ( is steadily increasing throughout this quarter. When this metric rises, it usually indicates that major players are preparing to move coins to exchanges, i.e., sell. In a market with weak liquidity, this kind of selling pressure can easily prevent rallies that would push the price above resistance levels. However, institutional buyers are doing the opposite. XWIN Research estimates that publicly traded companies added approximately 62,000 BTC in the first quarter alone. Strategy ), formerly known as MicroStrategy, led the way with over 88,000 BTC purchased. According to SEC filings, the company's current BTC holdings have reached around 762,000, and these acquisitions are financed through convertible bonds and stock issuance.