according to the CryptoQuant weekly analysis, as of now, whale addresses (addresses holding 100 to 1000 bitcoins) have a total holding of about 5.16 million BTC, accounting for 26% of the circulating supply of bitcoins, becoming the most important holding group in the current market. By 2025, whale addresses have accumulated an additional 681,000 BTC, while other address groups have shown a net selling trend, indicating the trend of institutional investors absorbing chips sold by retail investors. The annual growth rate of whale holdings is 907,000 BTC, higher than the 365-day average of 730,000 BTC, indicating strong long-term demand. However, short-term momentum is weakening, and if the monthly increase rate fails to accelerate again, the price of Bitcoin may have difficulty breaking through the new high of $126,000. The current resistance level for the price of Bitcoin is at $115,000, with support at $100,000. If it falls below $100,000, it may trigger further pullback to around $75,000.