Starting from the end of February, as liquidity conditions tightened, confidence in increasing holdings began to deteriorate. External risk factors, including the Bybit hack and escalating US tariff tensions, intensified market uncertainty, causing Bitcoin prices to drop below $92,000. This level is crucial as it reflects the market falling below the cost basis of short-term holders.

Unlike previous periods, there has not been a significant buy-the-dip reaction this time, indicating that investor sentiment has shifted towards risk aversion and capital preservation, rather than continuing to increase holdings.

The CBD heat map confirms that as macro uncertainty increases, cumulative demand weakens, further proving that investor confidence is a key driver of accumulation behavior. The lack of buy-the-dip at lower levels suggests that capital rotation is underway, which may lead the market to experience a longer consolidation or adjustment phase before finding solid support.