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As the intense selling pressure on Bitcoin (BTC) shows signs of easing, large investors are stepping in to buy at lower prices. However, analysts argue that a genuine rebound will require a recovery in demand from institutional investors. While market pressure that had driven prices to their lowest levels since President Donald Trump’s reelection has begun to ease, experts remain cautious about whether this truly signals a trend reversal.
According to cryptocurrency-focused outlet Decrypt on February 10 (local time), Bitcoin is currently trading around $69,600, down more than 44% from its all-time high of $126,080 recorded last October. Tim Cheng, a researcher at HashKey Group, noted that an analysis of price movements and on-chain data distribution indicates that the pace of the decline has clearly slowed.
On-chain data shows that the spot cumulative volume delta (CVD), which reflects the balance between buying and selling in the spot market, stood at negative $327 million. Glassnode explained that such a figure has historically indicated seller exhaustion, suggesting a base-building phase rather than further supply coming onto the market.
Movements by whales seeking bargain-buying opportunities have also been observed. According to CryptoQuant data, large wallets with long-term investment tendencies—excluding miners and exchanges—absorbed approximately 54,458 BTC during last week’s sharp downturn. In addition, Glassnode analyzed that the proportion of Bitcoin supply in profit has fallen to around 55%, meaning many holders have entered loss territory, reducing selling incentives and displaying characteristics of an accumulation phase.
Nevertheless, experts cautioned that while these factors may help stabilize the market, they do not guarantee an immediate upside reversal. Jeff Mei, Chief Operating Officer at BTSE, emphasized that because current Bitcoin holdings are largely concentrated among institutions, institutional buying decisions will play a decisive role in driving any market rally.
Ultimately, the market still faces the challenge of overcoming macro headwinds such as tight liquidity, policy uncertainty, and weak inflows into exchange-traded funds (ETFs). Analysts advise that although the halt in selling pressure is a positive sign, a cautious approach is warranted until U.S. and global financial tensions ease and sustained institutional demand is confirmed.
*Disclaimer: This article is for investment reference only and does not take responsibility for any investment losses based on it. The content should be interpreted solely for informational purposes.*