BlockBeats report, February 21: According to data from the on-chain platform Santiment, since Bitcoin reached its all-time high last October, holdings in small wallets containing less than 0.1 BTC—typically considered retail wallets—have increased by approximately 2.5%, reaching the highest supply share since mid-2024. In contrast, holdings by large wallets containing 10 to 10,000 BTC—comprising whales and sharks—have decreased by about 0.8%. This structural divergence often leads to volatile and choppy price movements, preventing the formation of a clear trend.
The current price of Bitcoin is oscillating around the mid-$60,000 range. Market sentiment suggests that retail buying can provide a degree of "bottom support" and generate short-term momentum. However, for a sustainable rebound to form, large holders must cease distributing and instead shift to net accumulation. Analysis indicates that Bitcoin currently has no shortage of retail participation; the key lies in whether whales will stop selling pressure and transition into structural buying. Otherwise, each rally may still face the risk of being sold off at higher levels.