Despite increased institutional buying, Bitcoin demand remains under pressure. As of the end of last month, apparent demand (a measure of whether demand exceeds or falls short of new Bitcoin mining) was approximately -63,000 coins, despite increased ETF buying and continued accumulation by Strategy Inc. The report indicates that retail and other market participants' selling has outpaced institutional buying, and demand has been contracting since late November 2025, with the market still in a distribution phase. The whale group, which accumulated approximately 200,000 Bitcoins during the 2024 bull market, began large-scale distribution in mid-2025, with the pace of selling accelerating in the fourth quarter of 2025. The buying pace of medium-sized investors is also slowing. Bitcoin rose 2.2% in March, ending a five-month losing streak, but is currently priced at around $68,000, down about 45% from its early October high of $126,000. In the US market, the Coinbase premium has turned negative again, indicating weakening buying from US investors. CryptoQuant suggests that Bitcoin prices may rebound in the short term if geopolitical tensions ease.