Bitcoin: I am noticing that whale structures are changing.

Looking at on-chain data from recent days, I see that wallets holding 1,000 BTC or more are quietly increasing their holdings. The total $BTC controlled by this group is currently around 7.17 million, the highest in four months.
At the same time, transactions over $1 million are appearing more frequently. To me, this seems more like a capital rotation process rather than distribution. Usually, when whales are still actively trading but haven't withdrawn liquidity from the market, they are repositioning rather than exiting.
Meanwhile, retail activity is almost silent. No FOMO, no small retail inflows rushing in. But beneath the surface, I sense liquidity is gradually shifting into the hands of large wallets.
My personal experience is: when supply becomes increasingly concentrated, and large-value transactions increase, the market is rarely at its peak. Usually, that’s a quiet period before a real volatility begins.