Despite Bitcoin's price dropping 26% over the past month, on-chain data shows that the number of large wallets holding at least 100 BTC has steadily increased, approaching a record of 20,000 such addresses. Historically, this kind of accumulation by high-net-worth individuals and institutions during market downturns is often seen as a bullish signal, frequently indicating an upcoming market recovery. However, analysts point out that the diversification of Bitcoin holdings among whales has not significantly increased the overall supply concentration, and price pressure still exists. Data indicates that, based on previous halving cycles, the market bottom may not fully form until the end of 2026.