Looking at the on-chain data pattern here, I see something different from what most people call a distribution top. When institutional players are consistently accumulating while retail participation remains thin and hesitant, that's not usually a bearish signal masked by whale movements. It's actually textbook patience.

This kind of divergence tells me smart money is quietly stacking positions without chasing pumps. They're letting the price action breathe, not forcing it upward. Meanwhile, retail sits on the sidelines, uncertain. The real tell isn't the price movement itself—it's the behavioral split between whale buys and retail hesitation. That's typically where the next leg up gets built, silently.