Whale accumulation—two months of continuous position building—while medium-sized wallets are selling. CryptoQuant data shows the behavioral divergence described by Alex Kuptsikevich (FxPro Chief Market Analyst): over the past two months, large Bitcoin whales have been building positions, while medium-sized wallets have been selling. This divergence is a constructive signal for Bitcoin’s mid-term outlook. The divergence pattern is exactly the characteristic sign of “supply migration at the end of a bear market”: retail and medium holders are gradually offloading at lower prices, while patient whales absorb; ultimately concentrating Bitcoin supply into the hands that can buy at the lowest prices and have the strongest capacity. Two months of sustained whale accumulation—from about mid-May to mid-July—covers the entire period during which ETFs recorded a net outflow of $7.5 billion. This means that during the May–June outflow cycle, the coins redeemed out of ETF products were not taken by weak hands—rather, they were absorbed by large on-chain wallets and used to build strategic positions. The portion of supply that left the ETF shell during the most severe redemption phase in 2026 is now staying in whale wallets—these wallets have no selling history, not in exchange accounts that are immediately available for liquidation. $BTC $ETH $SOL