Bitcoin is in a range consolidation, and large whales seem to be cautiously taking profits.

Gate News bot message, Bitcoin is currently consolidating between $107,000 and $109,000, just a few percentage points away from its all-time high. While on the surface, this narrow Fluctuation may seem stable, on-chain data shows that the sentiment among some of the market’s most influential Whale holders is changing.

Glassnode’s “Accumulation Trend Score” measures the accumulation behavior of different wallet size groups. This indicator evaluates purchasing strength by combining the size of wallet entities with the Bitcoin purchase volume over the past 15 days.

For the largest holders, the value has dropped to 0.4. Readings close to 1 indicate strong buying, while readings close to 0 indicate selling. It is important to note that in order to more clearly reflect investor behavior, wallets associated with exchanges and miners have been excluded from the analysis.

Entities holding 10,000 or more BTC (often classified as whales) were the first to start adding to their holdings at the April market low (around $75,000). However, now this group is starting to reduce their holdings, while other wallet users are still in overweight mode. This shift suggests a shift in strategy – perhaps due to a desire to lock in profits near all-time highs, or a more cautious approach to short-term price movements.

Exchange traffic data also shows that whale wallets have been steadily withdrawing Bitcoin over the past month, which is a bullish signal indicating that they do not plan to sell their held Bitcoins in the short term.

However, this trend seems to be reversing now. In the past three days, on two of those days, whales have deposited Bitcoin back to exchanges, a pattern that is often associated with impending sell-off activities. Whether this indicates that whales believe the current level has reached a local peak remains to be seen.

Source: CoinDesk