On-chain data for Bitcoin reveals a stark divergence in market trends: while major investors have resumed accumulation after the recent downturn, small investor activity on Binance remains well below previous bull cycle levels.
Whales return to accumulation
Crypto analyst Crypto Patel reports that large wallets have amassed more than 270,000 Bitcoin at an average price of $59,000. Despite ongoing selling pressure, this period marks one of the strongest accumulation phases in recent memory.
Crypto Patel notes that large investors have acquired over 270,000 BTC at an average of $59,000, even as the market continues to face selling pressure.
Comparing the 30-day balance changes in whale wallets with Bitcoin price data, significant sales by large holders were observed in late 2025. Although Bitcoin remained above $100,000 from July to November, the balance in these wallets steadily declined during that interval.
The most notable buying spree emerged between late December 2025 and early January 2026, highlighted as the period of heaviest whale accumulation on record. Buying momentum slowed through February and March, yet large investors maintained their positions during this phase.
Fresh accumulation signals around $60,000
Throughout April and May, whale balances remained stable. However, the latest data indicates that as Bitcoin retreated to the $60,000–$62,000 range, major investors began expanding their holdings again. This suggests that institutional or high-capital investor interest persisted despite price weakness.
Muted interest from retail investors
While whales have become increasingly active, the same enthusiasm is not evident among small investors. Analyst Darkfost, citing Binance data, highlighted that wallets depositing less than 1 BTC to the exchange recorded a total daily inflow of only 329 BTC.
This marks a sharp contrast with previous bull markets. In 2021, the monthly total reached 2,690 BTC, with daily inflows peaking near 4,900 BTC. The influx was even greater in 2018, when monthly retail inflows hit 3,700 BTC and daily numbers soared to 10,400 BTC.
The amount of BTC sent by small investors to Binance is at historic lows compared to previous bull cycles.
ETF adoption and shifting investor preferences
Data shows that retail activity sharply declined after the 2021 peak and has not rebounded in the current cycle, even with Bitcoin surpassing $100,000. This shift is largely attributed to the emergence of spot Bitcoin ETFs, which offer investors exposure to Bitcoin without transferring crypto assets onto exchanges.
Additionally, some investors are turning to alternative crypto assets, while others prefer holding Bitcoin for longer durations. As a result, retail exchange activity remains subdued, even as large wallets return to accumulation on the blockchain.
