According to crypto sentiment platform Santiment, large Bitcoin holders now control the smallest share of the cryptocurrency supply since late May, when it recaptured $100,000 for the primary time in greater than three months.
Santiment stated on Thursday
“This features a decline of -81,068 BTC within the last 8 days alone,” Santiment said, while Bitcoin fell from about $90,000 to $65,000 over the identical period, a decline of about 27%, in keeping with CoinMarketCap. Bitcoin is trading at $64,792 on the time of publication, up from a 24-hour low of just over $60,000.
Large Bitcoin wallet holders seem like selling off aggressively. Source: Santiment
Crypto market participants often track large Bitcoin holders to identify signs of accumulation or discharge, as these moves can signal whether whales consider the asset has peaked or is primed for an uptrend.
It's not only large Bitcoin holders who’re exercising caution. CryptoQuant CEO Ki Young Ju wrote to X on Wednesday that “every Bitcoin analyst is now bearish.”
The Crypto Fear & Greed Index, which measures overall crypto market sentiment, fell to a reading of 9 out of 100 on Friday, its lowest reading since mid-2022, when the market suffered from the collapse of the Terra blockchain.
While there was a sell-off amongst large investors, retail investors aggressively collected their holdings. Santiment said: “This combination of key stakeholder sales and retail purchases is what has led to bear cycles previously.”
“Shrimp wallets,” which Santiment says are those who hold lower than 0.1 Bitcoin, have risen to a 20-month high since June 2024, when Bitcoin was trading at around $66,000, before falling to $53,000 just two months later in August.
However, in December 2024, it reached $100,000 for the primary time in a booming market following Donald Trump's victory within the US presidential election.
The cohort now accounts for 0.249% of the full Bitcoin supply, which is roughly 52,290 Bitcoin.
Bitcoin is down 29.62% within the last 12 months. Source: CoinMarketCapCointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph's editorial guidelines and goals to supply accurate and up-to-date information. Readers are advised to independently confirm the data. Read our editorial policies https://cointelegraph.com/editorial-policy
