Large #Bitcoin 
holders (1K to 10K $BTC ) are accumulating again.
Historically, this cohort distributes near cycle tops... and reloads during corrections before the next leg higher. The same pattern is showing up now. After the recent pullback, whale balances are starting to climb again -- very similar to what we saw in early 2023 when this cycle kicked off.
At the same time, leverage across derivatives markets is cooling. Open interest is dropping, funding has normalized, and the Coinbase premium is turning positive again -- a signal that spot demand is returning.
If this trend continues while ETFs keep absorbing supply, the amount of liquid Bitcoin available on the market keeps tightening.
That setup has historically been the prelude to the next rally.
📸 ScenarioX