Bitcoin (BTC) whales, investors who already hold in excess of 10,000 BTC, are buying up more of the largest cryptocurrency in a sign of confidence in further upside even as the price sits just a few percent below its all-time high around $112,000.

The whales have shifted into aggressive accumulation mode over the past few days, as have wallets holding 1,000 to 10,000 BTC. Smaller holders, however, appear to be reducing their exposure, according to Glassnode's Trend Accumulation Score.

Whales are often considered to be the "smart money" because they have so much at stake. The smaller investors range from sub-1 BTC wallets to those holding between 10 and 100 BTC and have mostly been selling or distributing their holdings over the past couple of months.

The contrast, which comes as the bitcoin price sits around $109,000 potentially signals a transfer of coins from retail to institutional or high-net-worth investors. The accumulation trend score confirms strong buying interest started building shortly after bitcoin hit a local low near $76,000 in mid-April.

That's further evidence the whales' accumulation near record price levels could be a bullish signal and they may be positioning for future growth.

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