Institutional accumulation masked by Retail liquidation

I. OPERATIONAL SUMMARY: THE CLEAN SWEEP

A. Context: From 26K to $89K, is it really a Bear Market or a Final Reset?

The 30% correction from the October peak (above 26,000) to the $89,000 zone is not a Bear Market. It’s a final Clean Sweep that resets the market before the parabolic growth phase.

B. Confluence On-Chain: Whales Are Buying Every Dip

CryptoQuant, Glassnode data and our previous analyses identified institutional accumulation masked by Retail liquidation. The provided data confirms that this accumulation is now parabolic and systemic.

C. Verdict

« The $88,000 – $92,000 zone is the must-not-miss entry price of the cycle. This is the trade of the century. »

II. ADVANCED ON-CHAIN ANALYSIS: PARABOLIC ABSORPTION

The market is controlled by the supply and demand of high-conviction entities. Retail panic is effortlessly absorbed by structural capital.

A. The Law of Inverted Supply and Demand

The CryptoQuant chart (increase in demand from Permanent Holders coinciding with the drop in prices) validates a critical market condition:

Whale Demand X 1/Price * Volatility

Interpretation. The greater the volatility and the price drop, the more the Whale Demand increases. The correction is their preferred buying window.

B. The Numbers That Prove Total Absorption

On-Chain Metric	Value	Significance
STH Losses to Exchanges (24H)	-31,8K BTC	MAXIMUM retail capitulation
LTH Distribution (30d)	815 000 BTC vendus	Healthy profit taking post-rally
Whale Accumulation (1 week)	+45 000 BTC	2nd biggest accumulation in 2025
Accumulator Addresses Demand	+400K (parabolique)	Never seen level since 2021
Permanent Holder Demand (30d)	Vertical explosion	Smart money in FULL BUY mode
Exchange Reserves	-400K BTC (30d)	Real supply shock
STH Supply in Loss	2,8M BTC underwater	Highest level since FTX

C. Real-Time Wealth Transfer

Result:

The $2.9 billion sold at a loss by STHs (Short-Term Holders) entirely flowed into the hands of: • ✅ Institutional funds • ✅ Bitcoin ETFs • ✅ Wealthy investors (HNWI) • ✅ Corporate treasuries (MicroStrategy: +8,178 BTC this week = \$835M) Whales accumulated 45,000 BTC last week, marking the second-largest weekly accumulation in 2025, while short-term holders now collectively hold about 2.8 million BTC at a loss, the largest underwater position recorded since the FTX collapse in late 2022. The Bitcoin supply is becoming illiquid at an EXPONENTIAL rate.