Bitcoin demand remains under pressure as whale selling continues to outweigh institutional buying, according to a ChainCatcher report. As of the end of last month, apparent demand for Bitcoin was approximately -63,000 BTC, despite strengthened ETF buying and continued accumulation by Strategy Inc. The report highlights that retail and other market participants' selling has led to sustained demand contraction since late November 2025, with the market still in a distribution phase. Whales, who accumulated around 200,000 BTC during the 2024 bull market, have been distributing on a large scale since mid-2025, with selling accelerating in Q4 2025. Although Bitcoin rose 2.2% in March, ending a five-month losing streak, its current price of about $68,000 is a 45% decline from its October high of $126,000. The Coinbase premium has turned negative, indicating weakening U.S. investor demand. CryptoQuant suggests that easing geopolitical tensions could lead to a short-term price rebound.