Santiment: Retail Investors Continue Accumulating Bitcoin, But Whale Selling May Suppress Rebound Potential

According to on-chain data platform Santiment, since Bitcoin hit its all-time high last October, wallets holding less than 0.1 BTC (typically considered retail investors) have increased their holdings by approximately 2.5%. Their share of supply has risen to its highest level since mid-2024. In contrast, the overall holdings of Bitcoin "large holders" (whales and sharks) holding between 10 and 10,000 BTC have decreased by about 0.8%. This structural divergence often leads to choppy, range-bound price action, preventing the formation of a clear trend.

Bitcoin's price is currently fluctuating mostly in the mid-$60,000 range. Market views suggest that retail buying can provide some "bottom support" and short-term momentum for the market. However, for a sustainable rebound to form, large holders need to stop distributing and even shift to net accumulation. Analysis believes that Bitcoin currently does not lack retail participation; the key lies in whether whales will stop selling pressure and turn to structural buying. Otherwise, each rebound may face the risk of being sold into at higher levels.