Regardless of the season, new and old whales will find ways to accumulate vast amount of bitcoin. So even if bull run is here to come, that won't stop them from accumulating more bitcoin by trying to create some fuds that will affect the price and that's when they will take advantage and buy massive amount.
While those regular investors cannot relate to this, but big whales have their own ways on how they can take an edge in the market and buy bitcoin at a massive.
Although it's not necessarily an indicator that something is happening, I'm guessing that the whales are on to something. A few weeks ago I wasn't confident that Bitcoin was capable of surpassing its previous ATH, but now it's something that looks quite possible. Bitcoin almost reached $70,000 a few days ago, something which sparked my interest because the past few months have been quite stable, barely surpassing $65,000. There's still a possibility of a bull market till 2025.