According to the latest on-chain data from CryptoQuant, the inflow of funds from Bitcoin whales (large holders) and retail investors on the Binance exchange has simultaneously dropped to a historical cycle low. Specifically, from April 2025 to the present, the BTC deposit amount in Binance whale accounts (single transactions over $100,000) has decreased from $5 billion to $3 billion, a decline of 40%, reaching the lowest level since the bull market began in 2024; during the same period, the inflow of retail funds has remained in the range of $12 billion to $15 billion, far below historical peak levels. This phenomenon suggests that both types of investors prefer to hold long-term rather than sell on exchanges, reflecting a strong market expectation for future price increases. Currently, the stock of Bitcoin on exchanges has dropped to 2.7 million coins, a 23% decrease from the peak in 2020, and the liquidity inventory can only support 6 to 12 months of demand. Analysts point out that the supply-demand imbalance, combined with institutional accumulation (the non-GBTC portion of U.S. spot ETF holdings has increased by 58%), creates foundational conditions for price to break through key resistance levels. Attention should be paid to the risk of a short-term technical correction; if the price falls below the $88,000 whale cost line, it may trigger a stop-loss wave, leading to a maximum drawdown to $51,000.