$BTC Bitcoin is trading roughly 7% below its record high of $112,000, facing renewed selling pressure amid a broader market cooldown.

But beneath the surface, a subtle divergence is forming—one that may hint at a deeper shift in momentum.

While retail traders have turned cautious, data from Alphractal shows that whales are quietly ramping up exposure. The Whale vs. Retail Ratio, a metric that compares the behavior of large and small investors, is rising again. Historically, such a shift has often preceded bullish trends, as institutional players tend to accumulate when retail sentiment is uncertain.