Bitcoin whales are selling, individuals are buying: Is this enough to support Bitcoin’s price?

Bitcoin’s price has been on a clear downward trajectory since early October, falling more than 50% from a peak of over $126,000 to a low of $60,000 on February 6.

Although prices have since partially recovered, the currency is still in the red on an annual basis.

Who sells and who buys?

Santiment platform data reveals surprising differences in investor behavior:

• Since the October summit, wallet holdings holding between 10 and 10,000 BTC have decreased by 0.8%.
• In contrast, small investors (0.1 BTC or less) increased their holdings 2.5% within the same period.

Santiment believes that this pattern does not indicate that a bullish reversal is imminent.

Even if personal appetite persists, a lack of support from major investors could limit the strength of any potential rally.

However, small investors currently hold the largest balances in about two years.

The picture in the Bitcoin ETF spot market is becoming clearer.

In the two weeks leading up to the historic summit, more than $6 billion flowed into these funds.

But since then, outflows have dominated, with:

• Withdrawals exceeded $3.5 billion for three consecutive weeks in November.
• The losses continued into the new year, with five consecutive weeks of net negative flows.
• In the week ended Jan. 23, $1.33 billion was spent, followed by a further $1.49 billion.
• Although growth has slowed recently to less than $360 million per week, total net flows still fell to $54 billion from $62.77 billion in October.

What can be said is that retail investors continue to accumulate holdings at current prices, but large whales and ETF investors tend to reduce risk.

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