Santiment reports that as small holders sell off Bitcoin, large Bitcoin wallets are steadily accumulating, indicating a possible upcoming breakthrough.
It is noteworthy that Bitcoin broke through $97,000 on May 7, marking a significant price breakthrough after a period of severe consolidation.
Interestingly, under the new momentum, broader market behavior suggests that potential support may be more driven by accumulation patterns rather than direct speculative interest.
As small shareholders reduce risk, whales begin to accumulate.
Santiment data shows that during the recent volatility, the balances of wallets holding between 10 to 10,000 BTC have increased, closely related to market trends. Specifically, in the past six weeks, these wallets have added 81,338 BTC, with assets increasing by 0.61%.
Meanwhile, the wallet balances holding less than 0.1 BTC have decreased by 290 BTC, a drop of 0.60%. Notably, this divergence is consistent with previous patterns, where during downturns, large amounts of capital continue to accumulate as small holders participate in selling.
The behavior of small wallets remains passive. These holders tend to sell during economic downturns or sideways fluctuations, while larger institutions continue to gradually buy.
Santiment notes that this dynamic of retail activity contrasting with strategic accumulation is a strong long-term signal for timing price trades before another breakout. Even if Bitcoin experiences local pullbacks, this accumulation pattern still exists.
Long-term holding is still strengthening.
Additional on-chain analysis from IntoTheBlock supports this view. The holding rate of long-term holders (wallets holding Bitcoin for over a year) has increased by 0.43%, indicating continued confidence.
However, the proportion of mid-term holders or 'cruisers' holding assets for one to twelve months has decreased by 5.91%. Meanwhile, the number of traders (wallets holding for 30 days) has increased by 24.81%, indicating that the recent price surge has led to a growing speculative interest.
Trading flow and the next step for Bitcoin
Additionally, net flow through centralized exchanges provides further context. Data from IntoTheBlock shows an outflow of 2.63k BTC within 24 hours and 907.45 BTC over 7 days.
These figures suggest that BTC is steadily flowing out of exchanges, which is usually interpreted as a signal of decreased selling pressure. However, 260.06 BTC flowed into exchanges within 30 days.
In the technology field, a market analyst from X, known as the 'King of Charts', pointed out that Bitcoin is currently completing the Elliott Wave's wave (v) minor wave 1. This model predicts that after this wave fluctuation ends, a short-term pullback will occur, possibly retesting the $88,500 level. This would mark a backtest of the previously confirmed double bottom structure before further advancement. The same analyst predicts that by autumn, minor wave 3 could push the price of Bitcoin up to $150,000 to $175,000.#btc走勢 #BTC☀ 