The number of Bitcoin whales—wallets holding between 1,000 and 10,000 BTC—has increased slightly, reaching 2,012 today, up from 2,009 on May 9.

While this rise may seem marginal, whale activity is closely monitored by analysts and investors because these large holders often influence market direction through large transactions.

Typically, whale accumulation reflects growing confidence in the medium to long-term outlook for Bitcoin, while reductions in holdings can indicate caution or profit-taking.

However, the current growth rate in the number of whales remains modest, and their activity has been far from stable over the past thirty days.

Last month showed mixed signals, as whales alternated between accumulation and distribution amid overall uncertainty and price volatility, with all 12 Bitcoin exchange-traded funds experiencing losses as $96 million exited in the last 24 hours, marking the largest outflow in a single day since April 16.

These contradictions suggest that, despite the slight increase in recent days, major players are navigating the market cautiously rather than committing to a sustainable buying trend, although some analysts state that Bitcoin may reach a new all-time high soon.