The position structure of $BTC over the past week is quite interesting:

📊 Before the significant fluctuations, **large holders (holding >10 BTC) and retail investors (holding <10 BTC)** were actually increasing their positions in sync.

📉 However, after the recent BTC drop, a divergence has emerged: large holders continue to increase their positions, while small-scale investors have started to noticeably reduce theirs.

More importantly, the exchange's inventory has not shown a significant increase, indicating that the accumulation by large holders is likely genuine buying rather than just a transfer of positions.

In summary: BTC continues to flow into the hands of investors who are not short of cash.