Gate News bot message, Bitcoin is currently consolidating between $107,000 and $109,000, just a few percentage points away from its all-time high. Although this narrow range of fluctuations may seem stable on the surface, on-chain data shows that the sentiment of some of the most influential whale holders in the market is shifting. Glassnode's 'Accumulation Trend Score' measures the accumulation behavior of different wallet size groups. This metric assesses buying strength by combining the size of wallet entities with the amount of Bitcoin purchased over the past 15 days. For the largest holders, this value has dropped to 0.4. A reading close to 1 indicates strong buying, while a reading close to 0 indicates selling. It is important to note that in order to more clearly reflect investor behavior, wallets associated with exchanges and miners are excluded from the analysis. Entities holding 10,000 or more BTC (often classified as whales) began to accumulate ahead of the market low in April (around $75,000). However, this group has now started to reduce their holdings, while other wallet users remain in accumulation mode. This shift indicates a strategic change—possibly due to a desire to lock in profits near historical highs or a more cautious attitude towards short-term price movements. Exchange flow data also shows that whale wallets have been steadily withdrawing Bitcoin over the past month, which is a bullish signal indicating that they do not intend to sell their held Bitcoin in the short term. However, this trend now seems to be reversing. In the past three days, for two of those days, whales have deposited Bitcoin back into exchanges, a pattern typically associated with impending sell-off activity, though it remains unclear whether whales believe that current levels have reached a local peak.