Key takeaways:
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Large Bitcoin holders have accumulated 81,338 BTC over the past six weeks, showing confidence in a future price uptrend.
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Wallets with less than 0.1 BTC sold around 290 BTC, indicating smaller retail investors are either panic selling or selling out of boredom.
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Spot Bitcoin ETFs have seen $4.41 billion in inflows since March 26.
While larger Bitcoin holders remain confident and continue accumulating the asset, data from a crypto analytics platform shows that smaller retail investors have been shedding BTC amid the asset’s prolonged consolidation below the $100,000 price level.
The contrasting behavior between Bitcoin ( BTC ) whales and retail investors often signals that Bitcoin may be heading toward another upward trend, Santiment said in a May 6 X post.
Bitcoin’s smaller players show cold feet
“When large wallets gradually accumulate in tandem with retail panic selling/selling out of boredom, it is generally a strong long-term sign of prices biding their time before another breakout,” Santiment said.
Bitcoin wallet holders with between 10 and 10,000 BTC have accumulated a combined 81,338 BTC over the past six weeks since March 26.
This represents a 0.61% increase in the cohort’s total holdings. Santiment said this could signal a potential retest of the psychological $100,000 price level in the near future. “As May progresses, Bitcoin’s key stakeholders are mostly moving in the right direction if you’re rooting for $100K BTC in the near future,” Santiment said.
However, Bitcoin wallets with less than 0.1 BTC sold off approximately 290 Bitcoin over the same period. Since March 26, Bitcoin has traded between $76,273 and $97,210, according to CoinMarketCap data.
