Over the past month, whales with over 155 days of inactivity have been less dominant in taking profits as bitcoin prices have recovered.

In contrast, new whales have been actively taking profits, indicating interest from new institutional investors entering the market in the past 5-6 months.

Old institutional investors dominated the first half of the year with high profit taking, but now appear to be waiting for a more favorable market.

This could reduce selling pressure, allowing prices to build a more positive structure in this recovery.