Bitcoin whales have acquired over 270,000 BTC, valued at approximately $16.7 billion, in the past two weeks, despite significant outflows from U.S. spot Bitcoin ETFs. This accumulation marks a divergence from the record institutional fund withdrawals, highlighting a structural shift in the market. On-chain data reveals that while the spot premium remains negative, indicating weak on-market buying, large wallets continue to absorb Bitcoin. This trend suggests a phase of institutional deleveraging and long-term capital absorption, reminiscent of historical cyclical patterns observed at previous market cycle bottoms.