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On-chain data shows a divergence between Bitcoin whales and retail investors. After the Bitcoin price broke through $93,000, wallets holding less than 0.01 BTC started selling off, while larger addresses holding between 10 and 10,000 BTC increased their holdings by over 56,000 Bitcoins from mid-December to early January. Historically, this pattern of whale accumulation alongside retail profit-taking often signals an upcoming bull market.