The market of the first cryptocurrency is once again demonstrating a behavioral pattern characteristic of "bear" phases: large holders and institutional investors are actively increasing their positions. An analysis of on-chain data over the past week indicates a significant inflow of funds into accumulation addresses, which is traditionally interpreted as a signal of long-term confidence in the asset.
A sharp increase in the volume of BTC being moved to wallets with no history of outgoing transactions has been recorded. This dynamic is typical of the "reaccumulation" stage, when "smart money" uses corrections to replenish supplies at reduced prices. The total inflow to such addresses over the past 72 hours has exceeded 25,000 BTC, which is one of the highest figures since the start of the quarter.
It is important to note that, in parallel, there is a decline in the activity of short-term speculators. The volume of funds on exchanges continues to shrink, reaching multi-year lows. This divergence—growth in off-exchange reserves against a backdrop of falling exchange balances—is a classic bullish pattern that preceded previous cyclical rallies.
Special attention should be paid to the behavior of miners. Despite a recent decline in hashrate due to seasonal factors, they are in no hurry to sell their mined coins. On the contrary, the "Miner Net Position" indicators show a net inflow into their reserves, indicating confidence in higher prices in the medium term.
Analysis and Forecast
From my perspective, the current situation is creating an extremely interesting entry point for long-term investors. While retail traders remain hesitant, large capital is methodically buying up liquidity. If this pattern persists over the next two weeks, we could witness the formation of a powerful support level that will serve as the foundation for the next significant upward move. Ignoring the signals from the "whales" now would be a strategic mistake.