When market conditions turn weak, smaller and mid sized wallets typically shift into distribution or simply go inactive, showing a clear drop in confidence among these groups. This stands in contrast to Q4 2024, when accumulation was widespread across all wallet cohorts, creating a strong base that supported a sustained rally.

For any recovery to hold, it cannot rely on a handful of large players. A durable uptrend usually requires consistent participation across all wallet sizes, signaling broad confidence and steady capital entering the market.