Bitcoin is experiencing a pullback, but large investors holding over 1 BTC are steadily accumulating, according to CryptoQuant analyst Darkfost. These investors' total holdings have reached a record high of over 16.8 million BTC, indicating strong long-term allocation demand and highlighting Bitcoin's growing institutionalization. Retail investors are also showing early signs of renewed accumulation, although their sentiment remains cautious. Retail holdings are approximately 1.7 million BTC, below the peak of December 2023. Despite varying paces among investor groups, the market is increasingly viewing the current phase as a long-term allocation opportunity, with capital re-entering the accumulation phase.