PANews February 6 News, Santiment published an analysis stating that Bitcoin has recently experienced a sharp decline, with the price dropping to $60,001 for the first time since October 2024. The driving factors behind this may be related to major players retreating and retail investors stepping in.
Current market data shows that wallets holding between 10 and 10,000 BTC, known as “whales” and “sharks” (medium to large holders), have reduced their holdings to 68.04%, hitting a 9-month low. In just the past 8 days, this group has sold as many as 81,068 BTC. Meanwhile, retail wallets holding less than 0.01 BTC have increased their holdings to 0.249%, reaching a 20-month high. This continued buying by small wallets reflects retail investors’ refusal to give up and their enthusiasm for “buying the dip.”
This combination of “big players selling, retail investors buying in” is a typical characteristic of bear market cycles in history. As long as retail investors do not show clear signs of “capitulation,” institutions and large holders will continue to be willing to sell off their chips and are not in a rush to buy back until the public loses complete confidence in cryptocurrencies and exits the market.
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