Analysis: The inflow of 270,000 BTC over two weeks reveals potential characteristics of a cycle bottom

According to CoinDesk, against the backdrop of continuous outflows of institutional funds in the United States, Bitcoin whales have accumulated over 270,000 BTC (approximately $16.7 billion) in the past two weeks, forming a clear divergence from the record outflows of the U.S. spot Bitcoin ETF.

Analysis points out that this phase of divergence has historical cyclical characteristics: while institutional funds are withdrawing, long-term holders and whale accounts continue to accumulate, similar to the capital redistribution structure commonly seen at the bottom of previous cycles.

On-chain data shows that although the spot premium remains negative, indicating that on-site buying is not strong, large wallets continue to accumulate Bitcoin, and the market is currently in a structural phase of "institutional deleveraging and long-term capital accumulation."