Bitcoin Isn’t Dying, It’s Changing Hands, Analyst Says
An analyst argues Bitcoin's recent price stagnation isn't a collapse, but a shift in ownership from whales to corporate buyers.Summary
A recent analysis by XWIN Research indicates that Bitcoin’s price struggles below $70,000 in the first quarter of 2026 aren’t indicative of a market collapse, but rather a transition in ownership. While whales are selling, corporations, particularly Strategy (formerly MicroStrategy), are aggressively accumulating Bitcoin, adding approximately 62,000 BTC in Q1 alone, with Strategy purchasing over 88,000 BTC. This corporate buying isn’t speculative; it’s a long-term treasury strategy. ETF flows are complex, showing rotation between products like Grayscale’s GBTC and BlackRock’s fund, but not significant new capital entering the market. The key question for Q2 is whether corporate accumulation can withstand selling pressure until broader demand increases, as corporations are becoming the new long-term holders, providing an exit opportunity for early adopters.
(Source：BeInCrypto)