Santiment: Retail Investors Continue to Accumulate Bitcoin But Whales Reduce Holdings or Suppress Rebound Potential

BlockBeats News, February 21st, according to on-chain platform Santiment data, since Bitcoin hit a record high in October last year, the holdings of small wallets holding less than 0.1 BTC (usually considered retail investors) have increased by about 2.5%, with their supply reaching the highest level since mid-2024. In contrast, the overall holdings of Bitcoin "whales" (whales and sharks) holding 10 to 10,000 BTC have decreased by about 0.8%. This structural differentiation often leads to volatile price fluctuations and prevents the formation of a clear trend.

The current Bitcoin price is mostly fluctuating around the $60,000 mark. Market views indicate that retail buying pressure can provide a certain "bottom support" to the market and bring short-term momentum. However, to establish a sustainable rebound, large holders need to stop distributing and even switch to net accumulation. Analysis suggests that Bitcoin is currently not lacking retail participation; the key is whether whales will stop selling pressure and shift to structural buying. Otherwise, each rebound may face the risk of being sold at high levels.