Bitcoin whales, defined as investors holding over 10,000 BTC, are increasing their holdings amid a broader sell-off by smaller investors, according to Glassnode data. Analyst James Van Straten highlighted that these large investors are in a "mild accumulation" phase, despite Bitcoin's price fluctuations between $80,000 and $97,000 since November. In contrast, retail investors with fewer than 10 BTC have been net sellers for over a month, indicating a bearish sentiment.The number of entities holding at least 1,000 BTC has risen from 1,207 in October to 1,303, suggesting that larger holders are capitalizing on the price pullback. This trend underscores the market dynamic where significant investors absorb selling pressure while smaller investors exit.