Once Bitcoin crossed $74,000 on Wednesday, those same wallets began offloading. By Friday, roughly 66% of what they had accumulated over that 10-day window had been sold back into the market.
Smaller investors moved in the opposite direction. Wallets holding less than 0.01 Bitcoin — the retail end of the market — have been adding to their positions as prices fell.
According to Santiment, that kind of divergence between large and small holders has historically pointed to more downside ahead.
“When retail buys while whales sell, it typically signals that the correction is not yet over,” the platform said in a Friday report.
Fear Gauge Drops To Its Lowest Reading In Weeks
Some analysts said that Bitcoin could still face another drop if buyers fail to defend the current price zone. A loss of support around the $67,000–$68,000 range may trigger a move back toward recent lows to gather liquidity before any potential rebound.
An Economist’s Case For A $60K FloorNot everyone sees a breakdown coming. Economist Timothy Peterson pointed to the Bitcoin Price to Metcalfe Value chart — a model that measures Bitcoin’s price against the estimated value of its network based on user activity — and said the $60,000 level has held as a bottom in every prior cycle.
Bitcoin had already tested that level once this cycle, falling to $60,000 on Feb. 6 during a broader pullback from an all-time high of $126,000 set in October.
Since then, it has managed a partial recovery, though Friday’s ETF outflows and the continued whale selling suggest the market has not yet found stable footing.
Featured image from Shutterstock, chart from TradingView
