Analysis: Whale holdings of BTC reach a 9-month low, while retail holdings rise to a 20-month high

Santiment's post analysis indicates that Bitcoin has recently experienced a sharp decline, with prices dipping to $60,001 for the first time since 2024. The driving factors behind this may be related to the retreat of major players and the absorption by retail investors.

Current market data shows that the holdings of "whales" and "sharks" (medium to large holders) who own between 10 and 100,000 BTC have dropped to 68.04%, marking a new low in nine months. In just the past eight days, this group has sold off as much as 81,068 BTC. Meanwhile, the share of retail wallets holding less than 0.01 BTC has risen to 0.249%, reaching a new high in 20 months. This continued buying by small wallets reflects retail investors' refusal to give up and their eagerness to "buy the dip."

This combination of "large holders selling and retail investors buying" has historically been a typical characteristic of bear market cycles. As long as retail investors do not show clear signs of "complete capitulation," institutions and large holders will continue to be willing to sell their positions and will not be in a hurry to buy back until the public has completely lost confidence in cryptocurrencies and exits the market.