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On July 7th, James Van Straten, a senior analyst at CoinDesk, released a market analysis stating that Bitcoin (BTC) is currently only a few percentage points away from its historical high of approximately $112000. Despite prices approaching high levels, large holders (whales) - investors holding over 10000 bitcoins - have continued to increase their holdings in recent times, which is seen as a signal of their confidence in future price increases. According to Glassnode's trend cumulative rating data, in recent days, not only has Whale Wallet entered a positive "position adding mode", but even medium-sized wallets holding 1000 to 10000 BTC have begun to buy in large quantities. On the contrary, small coin holders (including wallets holding less than 1 BTC or 10 to 100 BTC) have mostly chosen to reduce their holdings or distribute their coins in the past few months. This clear contrast - when the Bitcoin price stabilizes at around $109000- may indicate that the market is undergoing a chip transfer from retail investors to institutional or high net worth investors. The cumulative score shows that strong buying interest began to emerge after Bitcoin hit a local low in mid April (around $76000). This increase in holdings by large investors near historical highs is further seen as a bullish signal, indicating that they may be laying out ahead for future price increases.