According to blockchain data, small Bitcoin holders continue to accumulate the cryptocurrency while larger holders, known as "humpback whales," are distributing their coins. Despite a recent rally that pushed the price of Bitcoin near $90,000, long-term holders are holding onto their Bitcoin and demanding higher prices. Data also shows that the recent buying pressure has mainly come from retail investors, contradicting the belief that whales are the smart money of the cryptocurrency ecosystem. Overall, the data indicates that demand for Bitcoin has been consistent for the past three months, outstripping supply. Long-term holders currently hold 78% of the circulating supply, suggesting bullish expectations. On the other hand, short-term holders' supply is near all-time lows.



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