Bitcoin price remains under pressure as small traders keep buying the dip while larger wallets reduce exposure, according to Santiment.
The retail holders of Bitcoin seem to be buying into the recent decline as an opportunity to accumulate the asset, but on-chain data shows that whales are still are trimming their positions.
Tuesday’s X post from analysts at Santiment, an analytics crypto platform, revealed that crypto wallets owning fewer than 0.01 BTC ($616 based on current prices) have accumulated 0.36% more value in crypto over the last two weeks
This was amid efforts to consolidate BTC above the $60,000 mark, which has been identified by some analysts as a vital zone where a quick fall towards $50,000 may be expected in case it falls below.
Santiment noted that true bottoms for markets tend to occur when small players ultimately capitulate rather than continue buying into every dip. But such capitulation from the smaller players hasn’t occurred yet, the firm added.
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Whales Still Waiting for Better Bitcoin Price
On the other hand, Bitcoin addresses holding between 10 and 10,000 BTC ($616,000-$616 million) reduced their balance by 0.20% during the same two-week period, indicating that bigger Bitcoin holders are yet to show interest in the recent price level as a relief rally opportunity. Santiment said:
“This divergence leaves retail investors carrying much of the bullish burden while whales sit on the sidelines.”
The firm also said Bitcoin and the wider crypto market may still be looking for a more durable bottom until one of two things changes:
- smaller holders would need to start showing exhaustion;
- or larger wallets would need to return to stronger accumulation.
Santiment believes that the perfect scenario would be the combination of the two mentioned above. The warning follows a rough stretch for Bitcoin, which trades near $61,680 as of press time after hitting an intraday low near $60,800.
Read more: Bitcoin Price Prediction Markets Turn Bearish as Traders Eye $55K
