Bitcoin spot demand is showing divergence. While large-scale corporate purchases have slowed down, the approximately $1.25 billion buy by Strategy stands out as a rare big move, with other participants mostly adopting tentative and opportunistic trading strategies. Currently, institutional funds are supporting the price bottom, but there is a lack of momentum to push prices higher. The real driving force actually comes from the derivatives market—trading activity and leveraged funds are playing a leading role here, while the spot market remains in a relatively wait-and-see state.