On-chain data shows that the transfer structure of Bitcoin deposits to a major exchange is quietly changing. Since early 2026, large wallet transfers have dropped to about 20.85%, while small investors now account for nearly 80% of transfers. What does this shift imply? When BTC price surpasses the $96,000 mark, the so-called market-moving whales are actually reducing their Bitcoin inflows to exchanges. What does this usually indicate—they are accumulating coins. The big players reducing their entry and instead increasing their holdings often signals optimism about the future market rally. In contrast, retail investors are continuously entering the market. The opposing stances of these two forces seem to tell an interesting story: institutions and retail investors may have already reached some consensus on the future of Bitcoin.