$BTC on chain signal

Data from Santiment shows wallets holding at least 1 BTC are down about 2.2% from their one-year peak in early March.

At the same time, wallets holding more than 1 BTC have added over 136,000 coins collectively.

Small holders are thinning out.

Larger holders are quietly increasing exposure.

That divergence usually says more about conviction than price does.