Bitcoin whales are showing cautious sentiment as major investors pull back from accumulating dips. Over the past year, addresses holding between 1,000 to 10,000 BTC have shed roughly 220,000 coins—marking the most aggressive decline since early 2023. This shift in behavior from large holders is worth paying attention to, as it suggests institutional players aren't rushing to buy on downturns the way they once did. Such moves typically reflect broader market uncertainty and changing risk appetites among sophisticated traders. The data paints a picture of hesitation in the current market cycle, where even significant price drops aren't triggering the aggressive accumulation patterns we've seen before.