Institutional wallets, miners, and exchanges excluded, accumulated more than 67,000 BTC in the 30-day window last week, bringing the total to 3.9 million BTC.

Coinbase and Bitfinex are experiencing intense buying pressure, while Binance and Bybit are dominated by short positions.

This suggests that while large investors are accumulating BTC, small investors are reducing their positions due to sideways price movements.

Such movements usually lead to exhaustion of retail sales power, and small investors try to buy BTC at higher prices when market sentiment improves.

On the other hand, institutional players are building their positions before market sentiment improves and will distribute when price increases.