Bitcoin demand continues to struggle despite some institutional interest, with a reported contraction of approximately 63,000 tokens as of late last month, according to data from CryptoQuant. This decline indicates that selling from existing holders is overshadowing the incremental buying from institutions, including notable accumulation by Michael Saylor's Strategy Inc., which added nearly 90,000 Bitcoin in the first quarter. However, this was not enough to counteract the overall market decline, which saw a total contraction of 166,000 tokens during the same period. Bitcoin's price, currently around $67,000, remains significantly lower than its peak of $126,000 in early October 2025. The report highlights that large Bitcoin holders, or 'whales', have transitioned from being net buyers to sellers, a trend historically associated with prolonged price weakness. Despite these challenges, a potential short-term price rebound could occur if macroeconomic conditions improve, particularly if tensions in the US-Iran conflict de-escalate.