Lately, I’ve noticed a subtle but important shift in Bitcoin whale behavior. Wallets holding 10,000 BTC or more are gradually moving from accumulation to distribution. While smaller investors are still buying, these major players seem to be easing off and even starting to sell.

You can clearly see this in the Accumulation Trend Score, which recently dropped to 0.4 for large wallets. For context, this metric ranges from 0 (mostly selling) to 1 (mostly accumulating). So a score closer to 0 signals that whales are offloading more than they’re buying.

Back in April, when Bitcoin pulled back to around $75,000, these same whales were actively accumulating. Now that we’re near ATH (all-time high) territory again, it seems they’re locking in profits—possibly bracing for a correction or just playing it safe.

What really caught my attention, though, is the on-chain movement: large players have started transferring BTC back from cold wallets to centralized exchanges (CEXs) over the past few days. This kind of flow typically indicates a readiness to sell, which aligns with the drop in their accumulation score.

So, while retail and smaller holders remain bullish and continue to buy, whales appear to be dialing things back. It’s definitely something I’m keeping a close eye on—it could be a signal that some volatility is around the corner.