Historical data reveals a pattern of retail investors increasing activity near peaks in Bitcoin’s price history, such as the 2017 and 2021 bull runs. This trend is mirrored by whale activity, which consistently rises during market downturns. Recent on-chain data shows a shift: short-term holders are selling at a loss while larger investors are buying Bitcoin following corrections in both 2018 and 2022. The current price decline below $111,000 has led to increased whale activity. While short-term investors have faced losses, long-term whales have seized this opportunity to accumulate positions. A CryptoQuant analysis of Bitcoin spot order sizes reveals consistent market participant behavior patterns. They show that retail orders (red) are most prevalent during market peaks; this is often accompanied by public attention and euphoria near cycle tops. However, it’s notable that institutional investors (green and lime dots) have been accumulating Bitcoin while retail activity declines. This trend suggests the current market strength may be fueled by larger buyers.