Bitcoin whales, characterized as large investors holding substantial amounts of the cryptocurrency, have significantly increased their holdings in the past 24 hours, signaling a phase of re-accumulation and renewed confidence in the market.

According to blockchain analytics platform Santiment, Bitcoin whales holding between 1,000 to 10,000 BTC collectively accumulated over $941 million worth of the asset within the past day. This substantial increase in holdings amounted to 15,121 BTC, bringing their collective stash to its highest level in two weeks.

The resurgence of BTC accumulation by whales comes after a period of significant selling and profit-taking. In late April, on-chain analysts observed a surge in inflows to centralized crypto exchanges, primarily driven by assets from Bitcoin whales, following a surge in unrealized profits as BTC crossed the $60,000 mark.

Despite Bitcoin's price ranging between $60,000 and $64,000 for weeks, investors see this period as an opportunity to buy the dip, anticipating the peak of the bull cycle.

Santiment's analysis aligns with other on-chain experts' observations, indicating that Bitcoin inflows into the network are picking up. Last week, Bitcoin whales purchased 47,000 BTC worth more than $2.8 billion within 24 hours, signaling the beginning of a new phase for the leading cryptocurrency, according to CryptoQuant CEO Ki Young Ju.

Popular Bitcoin analyst Willy Woo noted that BTC investors are once again accumulating the digital asset, although it may take some time to confirm the trend reversal accurately.

Analysts at crypto exchange Bitfinex also suggested that selling pressure from BTC investors may be waning, hinting at a potential price recovery on the horizon.

Moreover, the United States spot Bitcoin exchange-traded fund market is experiencing more positive flows compared to the previous week, with two days of inflows recorded this week.

The recent move by Bitcoin whales indicates the onset of a post-halving re-accumulation phase, expected to last for weeks before bullish momentum takes over.