Major cryptocurrency holders have been offloading Bitcoin steadily throughout the past month. The data suggests that U.S.-based traders, spot ETF investors, and corporate holdings are experiencing a distribution cycle.

Notably, the net inflow indicator only turned positive for a single day – precisely when BTC temporarily broke above the $94,000 resistance level. Since that brief spike, the metric has retreated into negative territory.

The pattern is clear: until American buyers shift their stance from selling pressure back to genuine accumulation, the current uptrend faces a fundamental headwind. The market structure will largely depend on whether institutional appetite rebuilds or continues to wane.