On May 10th, crypto analyst Murphy posted that data shows retail investors have not generally missed out on this round of Bitcoin price action. He pointed out that addresses holding less than 1 BTC have increased their balance by 23,074 BTC over the past 30 days, and have made three noticeable purchases near $66,000, $70,000, and $80,000. Murphy believes that most retail investors still in the Bitcoin market during this cycle are "veterans" who have experienced altcoin and futures cycles.

Meanwhile, whales holding over 10,000 BTC began accumulating heavily around $66,000, with their 30-day balance peak increasing by 140,699 BTC, the largest net increase in nearly two years, showing clear accumulation behavior. Murphy stated that the market always tends to move toward less resistance; when the lower side faces greater resistance, prices naturally tend to continue upward until they encounter stronger resistance.