BlockBeats News, February 6th, Santiment released analysis pointing out that the Bitcoin price recently tested as low as $60,001, the first time since October 2024, with the main driving factor behind it being a structural shift of whales reducing their holdings and retail investors continuing to buy the dip.
Data shows that addresses holding 10–10,000 BTC, known as “whales and sharks,” currently hold a total of 68.04% of Bitcoin’s circulating supply, dropping to a 9-month low. In just the past 8 days, this group has net sold 81,068 BTC.
Meanwhile, the proportion of Bitcoin supply held by addresses with less than 0.01 BTC, known as “shrimp addresses,” has risen to a 20-month high of 0.249%. Although the percentage is small, this trend reflects retail investors continuing to buy during the dip and refusing to capitulate.
Santiment points out that a combination of key players (whales) selling and retail investors buying has historically corresponded to the formation of bear market cycles. Until there is a clear sign of retail “surrendering by selling,” smart money may continue to reduce their holdings and be in no rush to refill their positions until retail investors decide to exit.
