$M is showing signs of recovery, but the data doesn't point to aggressive whale accumulation yet. The latest net inflow is only +2,644.09 USDT, which is too small to suggest that large investors are stepping in with conviction. Instead, this looks more like a technical rebound after recent weakness. Funding remains only slightly positive, retail traders are still mostly short, and larger accounts appear cautiously long. That combination can fuel a gradual short squeeze, but it's not the kind of setup that usually signals the start of a major bullish trend.

For now, it's better to treat M as a rebound trade rather than a breakout. Chasing the price after a strong move higher carries more risk, especially while capital inflows remain weak. A healthier approach is to watch for pullbacks toward the 1.2100–1.2200 USDT area and look for confirmation that buyers are returning. If daily inflows continue to improve and the price can hold above