BlockBeats News, March 7th, retail investors took advantage of Bitcoin falling below $70,000 to buy massively, but crypto sentiment platform Santiment indicated that if historical patterns repeat, whale activity suggests the price may still fall further.
In a report on Friday, Santiment stated: “When Bitcoin touched $74,000, these key stakeholders began taking profits.”
Santiment explained that whales holding from 10 to 10,000 BTC were “accumulating massively” between February 23rd and March 3rd when the Bitcoin trading price ranged from $62,900 to $69,600.
Since Bitcoin broke above $70,000 on Wednesday and touched $74,000, this group has offloaded about 66% of their recent buying volume. Meanwhile, retail investors holding less than 0.01 BTC have been increasing their positions.
“When retail buys and whales sell, it usually indicates that the pullback is not over yet,” Santiment noted.
