Bitcoin whale frenzy: buying 61,000 BTC in a month, but retail traders are increasing positions in sync—or dragging the breakout pace

Gate News updates. Against the backdrop of ongoing macro uncertainty and a simmering geopolitical conflict, the Bitcoin market is showing signs of divergence: on the one hand, large holders continue to accumulate; on the other hand, retail investors are entering in tandem, which may slow the pace of a price breakout. On-chain analytics platform Santiment noted that over the past 30 days, wallets holding 10 to 10,000 BTC increased their holdings cumulatively by 61,568 BTC. Their position size rose by about 0.45%, suggesting that core capital still has the willingness to maintain allocations amid a choppy market.

This accumulation occurred during a phase when market volatility intensified. At one point, the situation in the Middle East pushed Bitcoin higher, but as the conflict continued and there was no clear path toward easing, market risk appetite was suppressed and upward momentum weakened. However, based on historical experience, big players tend to keep adding during pullbacks, which is often seen as an important signal of improvement in the medium-term trend.

Meanwhile, CryptoQuant data shows that Bitcoin reserves on centralized platforms have fallen to about 2.7 million BTC, the lowest level since 2019. This metric typically implies reduced potential sell pressure. More investors choose to move their assets into cold wallets for long-term holding, providing support for prices from the supply side.

But the market structure has not fully shifted to the long side. Santiment also monitored that the balance of small addresses holding less than 0.01 BTC grew by about 0.42% over the same period, approaching the pace of accumulation by whales. This pattern of “whales and retail investors buying in sync” often means market sentiment has not yet fully cleared. Historical data indicates that a more ideal setup for an upward move typically involves whales accumulating while retail investors reduce their positions, leading to tighter concentration of float.

At the current stage, Bitcoin remains locked in a critical range battle. If, going forward, retail investors take profits or exit in panic while whales maintain their accumulation pace, the market’s supply-and-demand structure may further improve, creating conditions for a breakout to the upside. Conversely, if both continue adding in sync, the price action may persist in a range-bound consolidation.