I just noticed an interesting signal from the data chain: long-term Bitcoin investors are accumulating strongly during this correction. According to data from CryptoQuant, they have just bought 212,000 BTC in the past 30 days — equivalent to nearly $16 billion. While retail traders are panicking and selling off, long-term holders are doing the opposite.

What’s interesting is that this accumulation trend isn’t just among whales. Bitcoin ETF funds are also actively buying — in just the past 5 trading days, they have attracted $1.5 billion. Yesterday, a fund recorded a net inflow of $458 million, one of the highest figures since the beginning of the quarter.

But more noteworthy is the difference between smart money and retail investors. Since the October peak, retail traders have been withdrawing from BTC positions, but 17 out of the 25 largest investors have increased their holdings. They are accumulating at low prices, while the crowd is selling off. Usually, such accumulation precedes major price rallies, but we’ll have to wait and see how the market reacts next.