As of May 26, the >10K BTC cohort has pivoted to distribution net (~0.3), signaling a notable shift in positioning among the largest holders. Apart from that, accumulation remains broad, but leadership is shifting down the size curve: 🔸>10K BTC: ~0.3 🔻 🔸1K–10K BTC: ~0.8 🔻 🔸100–1K BTC: ~0.7 🔻 🔸10–100 BTC: ~0.9 🔻 🔸1–10 BTC: ~0.7 ➖ 🔸<1 BTC: ~0.9 🔻