Bitcoin experienced a dip below the $86,000 mark, prompting contrasting behaviors among on-chain wallets. Long-term holders and whales have slowed their accumulation pace in recent weeks, while smaller retail investors are taking advantage of the dip to buy more Bitcoin. Analysts warn that this pattern typically indicates increased market volatility near the end of a cycle. Blockchains show long-term holders and large whales have been slowing down their purchases, as per on-chain data. Meanwhile, wallets holding less than one BTC are actively increasing their holdings during the dip. Timothy Misir, Head of Research at BRN, highlights this shift in behavior: ‘The recent slowdown in large investor purchases while retail investors accelerate accumulation creates a typical pattern found near market cycle ends, highlighting increased short-term vulnerability.’ Misir further adds that short-term holders have suffered substantial realized losses during this sell-off. This suggests a shift in sentiment within the market. Overall, exchange balances and stablecoin inflows indicate some buying power remains despite potential for selling pressure.