Retail investors are fleeing, whales are buying, is the next big market for Bitcoin brewing?
The holding structure of Bitcoin is undergoing a dramatic change—not in terms of technicals, but in terms of capital distribution.
Data shows that the number of wallets holding over 10,000 BTC is approaching a historical high, with whales accelerating their purchases. Meanwhile, the holding score of small holders with 10-100 BTC has dropped to 0.6, indicating a clear decline in their willingness to enter the market. Even smaller, scattered holders have directly turned into sellers.
This structural differentiation is a typical 'transfer from weak hands to strong hands', remarkably similar to the characteristics of past bull markets in their early stages.
More importantly, the current trading price of BTC remains in the $94,000 range, with the Relative Strength Index (RSI) around 66, close to overbought but not overheated, while the On-Balance Volume (OBV) continues to rise steadily—this is a standard signal of major players accumulating.
In the short term, Bitcoin needs to break through the resistance range of $95,000-$96,000 to potentially hit the psychological threshold of $100,000. In this process, the exit of retail investors actually provides ample space for the large holders to accumulate.
