Large Bitcoin holders, known as whales, have accumulated an additional 104,340 BTC, marking a 1.5% increase in their holdings, according to recent on-chain data. This accumulation is not attributed to retail investors but rather to significant market players. Additionally, the number of daily transactions valued at $1 million or more has returned to its highest level in two months, indicating a resurgence of large-scale liquidity in the market. Despite this activity, overall market sentiment remains cautious, with some retail investors expressing pessimism. Historically, whales tend to accumulate when market confidence is low, suggesting a potential long-term accumulation phase beneath the surface. This development highlights the ongoing strategic positioning by major investors, even as broader market conditions remain uncertain.