Bitcoin long-term holders have significantly increased their holdings, accumulating over 36,000 BTC since late October, according to AMBCrypto. This surge in accumulation comes as new whale cohorts face over $1 billion in realized losses. The market's risk-reward profile has weakened, with metrics like the Sharpe Ratio and Normalized Risk Metric declining. Institutional demand for Bitcoin has cooled, and the cryptocurrency remains below its average cost basis of $110,800, leading to substantial losses for newer whales. Joao Wedson, CEO of Alphractal, noted that the current market caution might signal a potential reset or unexpected market movement.