Bitcoin Recovery Stays Uneven as Spot Demand Weakens and Exchange Reserves Rise

TLDR: Exchange reserves rose from about 2.67 million BTC to 2.68 million BTC but remain low versus January. Spot demand neared zero before turning negative, while perpetual futures demand stayed positive. Holders of 100–1,000 BTC remain net accumulators, while the over-10,000 BTC cohort is still negative.  A durable recovery needs positive spot demand, buyers absorbing [...]

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