The price of #BTC remains in the high consolidation range of $100,000 to $110,000, but CoinAnk chain data shows that the BTC reserves in exchanges have dropped to the lowest levels in recent years. Both large institutional investors (whales) and retail investors have significantly reduced the amount of Bitcoin transferred to trading platforms, indicating a strong reluctance to sell among holders in an environment of price volatility and a firm willingness to hold positions.

From the market structure perspective, this change in supply and demand reflects investors' recognition of BTC's long-term value. The decrease in exchange balances directly exacerbates the scarcity in circulation, while the continued accumulation behavior of whales (such as new whales entering in 2025 at a record pace) contrasts with the exit of retail investors, potentially pushing the market from a retail sentiment-driven phase to an institutional allocation stage. Historical data shows that when whales accumulate during market pullbacks, it often signals a price rebound. Currently, BTC's annual volatility has dropped to a historical low, with risk-adjusted returns still outperforming traditional assets, further solidifying its position as a store of value. However, caution is needed regarding the risk of insufficient liquidity—if selling pressure cannot be absorbed off-exchange, it may trigger a short-term sharp drop (such as the support level warned by the 2024 model). Overall, the increase in concentration of holdings and supply contraction may build momentum for BTC to break through the resistance level of $110,000, but macroeconomic changes (such as expectations of U.S. GDP contraction) remain potential disruptive factors.