Bitcoin on-chain data shows market divergence: retail short-term holders are panic selling due to market volatility and ETF capital outflows, incurring losses; meanwhile, large investors are steadily accumulating, adding over 104,000 BTC in recent weeks, with holdings reaching a four-month high of 7.17 million BTC. This transfer of supply, coupled with ongoing realized losses and daily trading volume exceeding $1 million, causes Bitcoin's price to fluctuate between the support levels of $85,000 to $88,000 and resistance levels of $95,000 to $100,000.