**Key Points**: On-chain data overall leans bullish, but caution is needed regarding institutional short positions.



🟢 **Bullish Factors**:
- Large inflow of top PnL historical profit wallets (7.3x above average)
- Largest cumulative whale accumulation in 13 years
- Continuous net outflows from exchanges
- Accelerated institutional adoption (Walmart, Bank of America)

🔴 **Risk Factors**:
- Institutions like Galaxy Digital hold large short positions
- Smart Money shorts entered at $100K+, currently still profitable
- Increased miner selling pressure
- Significant liquidity at $86K-$87K

**Action Recommendations**:
- If daily closes above $94K → consider long positions in the trend
- If below $92K → wait for support confirmation in the $86K-$87K region
- Monitor institutional short covering activity
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