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Core Viewpoint - After a panic sell-off, Bitcoin is showing signs of a potential bottoming out and rebound, supported by "whale" investors buying at lower prices, although the overall demand remains narrow [1][2][9] Group 1: Market Analysis - Bitcoin is currently hovering around $69,000, with analysts suggesting it may be nearing a bottom after a significant sell-off [1] - The recent market pressure is attributed to speculative trading and the clearing of leveraged positions, which may set the stage for a constructive rebound [1][4] - A record $10 billion in realized losses were locked in by investors during the recent sell-off, marking the second-highest loss record since June 2022 [2] Group 2: Whale Activity - "Whale" wallets, holding over 1,000 Bitcoins, have accumulated approximately 53,000 Bitcoins in the past week, indicating a potential stabilization in price [2][6] - Despite this accumulation, the overall trend suggests that many large holders have been net sellers over the past year, with over 170,000 Bitcoins (valued at about $11 billion) flowing out of these wallets since mid-December [6][7] Group 3: Future Outlook - Analysts from Cantor Fitzgerald express confidence in a short-term rebound for Bitcoin, citing a significant clean-up of speculative positions and a supportive macro environment [4][5] - The future trajectory of Bitcoin is expected to be characterized by a "bottoming-out" phase followed by a gradual recovery, rather than an immediate V-shaped reversal [9][10] - The key to a sustained rebound will depend on the return of demand and liquidity, with analysts emphasizing the need for broader participation from various types of investors [10]