Bitcoin whales are quietly accumulating assets while retail traders are selling, indicating a growing confidence among long-term holders.

According to on-chain data from Santiment, shared in a post on X on May 7, wallets containing between 10 and 10,000 Bitcoin (BTC) have collectively added over 81,000 BTC in the last six weeks. This group’s holdings, which usually reflect long-term trends, have increased by 0.61%. In contrast, smaller wallets holding less than 0.1 BTC sold off 290 BTC during the same period.

This shift in holdings tells a familiar story. When smaller investors sell in times of uncertainty while larger players buy, it usually signifies strong market support. These periods of discreet accumulation often precede significant price movements.

Currently, Bitcoin has risen by 2.4% in the last 24 hours, trading at $96,733. The recent spike in inflows into exchange-traded funds might be contributing to this positive market sentiment. Santiment reports that since mid-April, Bitcoin ETFs have experienced inflows of over $5.1 billion. As the market anticipates its next major move, prices have been supported by continuous purchases from these funds.

Institutional investors are also increasing their Bitcoin holdings. Analysts at brokerage firm Bernstein predict that corporate purchases of Bitcoin could reach $330 billion by 2029, according to a report from Yahoo Finance on May 5. The largest public holder, Strategy, could account for as much as $124 billion of this total.

In addition, a new crypto-friendly initiative from the U.S., driven by Trump’s pro-crypto administration, enhances the bullish outlook. New Hampshire has become the first U.S. state to allow public investment in digital assets like Bitcoin. A law signed on May 6 might set a precedent for other states, paving the way for broader governmental adoption.

Since reaching lows in early April, Bitcoin has increased by about 30%, remaining resilient despite concerns over interest rates and trade disputes. The tightening of the Bollinger Bands on the Bitcoin chart—a technical indicator often signaling upcoming significant movements—suggests the cryptocurrency could be on the cusp of another breakout.

The ascent to $100,000 appears increasingly probable as large holders continue to acquire more, ETFs invest billions, and pro-crypto legislation gains traction.