I noticed an interesting situation in the Bitcoin market — for several weeks now, the price has been hovering around $71.5K, but something strange is happening under the hood. Small wallets (holding less than 0.1 BTC) are actively accumulating, their share has reached its maximum since mid-last year, and retail investors are generally doing their part. The problem is that large holders — the so-called whales with 10,000 to 100,000 BTC — are moving in the opposite direction. Since October, their positions have decreased by about 0.8%, creating an unhealthy divergence.

Santiment data show that the number of small wallets has increased by 2.5% from the record high in October, but whales, who usually set the market tone, are selling off instead. This is a typical scenario where retail investors provide local support, while large players sell at every recovery. The result is chaotic, unstable price movement without a clear trend.

After the decline in February, the $60K Glassnode( metric showed a strong accumulation signal )0.68, but this mainly concerned medium-sized wallets. Whales, however, continued to sell. Here’s the point: retail investors are already here and doing their part, but for a sustainable rally, large holders need to stop selling and start buying. Without this, any growth risks being sold off precisely by those who should be providing structural demand. Small investors are waiting for whales to join in.