Bitcoin’s on-chain data showed that two different trends stood out in the market. While large investors turned to buying again after the last decline, small investor activity on Binance remained well below previous bull periods.
Whales started to buy again
Crypto analyst Crypto Patel stated that major wallets collected more than 270 thousand Bitcoins at an average price of $ 59,000. This period is considered to be one of the strongest accumulation phases of the recent period, although the selling pressure in the market continues.
Crypto Patel stated that major investors have accumulated more than 270 thousand BTC with an average of approximately $ 59,000, but selling pressure continues in the market.
According to data comparing the 30-day balance change in whale wallets and the Bitcoin price, large investors made significant sales in the last part of 2025. Although Bitcoin remained above $100,000 between July and November, the balance in these wallets was seen to decline steadily.
The strongest purchasing period occurred between the end of December 2025 and the beginning of January 2026. The period in question stood out as the period in which the most intense whale purchases were recorded in the chart. The buying pace slowed down in February and March, but large investors maintained their existing positions.
New accumulation signal in the 60 thousand dollar band
A balanced outlook was observed in whale balances throughout April and May. The latest data showed that while the Bitcoin price fell to the range of 60,000 to 62,000 dollars, major players started to increase their shares again. This chart suggests continued institutional or large-capitalization investor interest during price weakness.
Small investor interest remained weak
While large investors became more visible, the same vitality was not seen on the small investor side. Based on Binance data, analyst Darkfost stated that the daily entry amount of wallets depositing less than 1 BTC into the exchange is only 329 BTC.
This figure reveals a marked difference compared to previous cycles. While a total monthly level of 2,690 BTC was seen in 2021, daily inflows increased to approximately 4,900 BTC. In 2018, the flow of small investors was even higher; Monthly levels of 3,700 BTC and daily 10,400 BTC were recorded.
The amount of BTC sent by small investors to Binance remains historically low compared to previous bull periods.
ETF impact and changing investment preference
Data shows that small investor activity fell sharply after the 2021 peak and has not returned to previous levels, although Bitcoin has risen above $100,000 in the current cycle. It is considered that spot Bitcoin ETF products are effective in this change. Because these tools offer investors access to Bitcoin without transferring their crypto assets to exchanges.
It also seems that some investors are turning to alternative crypto assets, while others prefer to hold their Bitcoin positions for a longer period of time. Thus, while the small investor movement reflected in the stock exchanges remains limited, a picture is formed on the on-chain side where large wallets start purchasing again.
