Yeliz Akmaca 
Bitcoin (BTC) is currently showing a clear split in the market. On one hand, the price is testing the $97,800 level, while on the other, investor groups display sharply contrasting strategies.
Whales Are Back
According to Santiment, large wallets holding between 10 and 10,000 BTC have collectively accumulated 32,693 BTC since January 10. This represents a 0.24% increase in their holdings and marks the highest accumulation level in two months.
Meanwhile, micro investors holding less than 0.01 BTC have sold a total of 149 BTC over the same period, reducing their balances by 0.30%. This divergence—whales buying steadily while small investors exit—is a key driver behind Bitcoin’s recent rally.
Retail Hesitant, Whales Steady
Santiment notes that retail investors remain skeptical of the mini-rally, while whales’ consistent accumulation creates favorable conditions for a bull market scenario.
Market sentiment paints an interesting picture: although prices are rising, negative social media comments have reached a 10-day high. Retail caution persists, a familiar pattern for experienced traders.
BTC Derivatives Support the Rally
Derivatives data also reinforce this steady rise. Analyst Axel Adler Jr. highlights that the Bitcoin Position Index climbed to 3.5 this week, surpassing a critical level not seen since October. Open positions and funding rates indicate that the surge is steady rather than sudden.
Crucially:
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Open positions and funding rates remain moderate.
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This rally is more organic than past “pump-and-dump” episodes.
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The market interprets it as a controlled return of risk appetite.
In short, while Bitcoin consolidates near the $98K mark, the real story unfolds on-chain. All eyes are now on when this whale-driven accumulation phase will push BTC toward the $100,000 psychological level.
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