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According to BlockBeats, Bitcoin experienced a decline below the $86,000 mark, leading to divergent behaviors among on-chain wallets. Large holders have slowed their accumulation, while smaller retail wallets are accelerating their purchases. Analysts caution that this pattern often signals increased market vulnerability at the end of a cycle.

On-chain data reveals that long-term holders and whale wallets have noticeably reduced their accumulation pace in recent weeks. In contrast, wallets holding less than one BTC are rapidly buying the dip. Timothy Misir, Head of Research at BRN, noted that this divergence occurs at a delicate moment in the market structure: 'Whales slowing down purchases while retail investors accelerate accumulation is a typical end-of-cycle pattern, which exacerbates short-term vulnerability. This morning's sell-off was a liquidity and position adjustment event, with no trend reversal signal yet, but pressure is evident.'

Misir added that short-term holders have seen a significant increase in realized losses during this sell-off, suggesting a 'sentiment reset.' Exchange balances and stablecoin inflows indicate that the market still has some buying power, but there is also potential sell pressure liquidity.