On December 21, approximately 79 thousand BTC were sold by institutional investors, creating a local peak and leading to a 15% correction.

However, major players took advantage of this period to open TWAP positions, patiently accumulating below the 95K USD level.

In the past 30 days, more than 34 thousand BTC have been accumulated by institutional investors, creating buying pressure that supports Bitcoin's recovery.

Despite having rebalancing periods in institutional portfolios, the accumulation trend on-chain has continued since June 2023.

This indicates that while retail demand is at its lowest in 5 years, interest from institutions remains high.