$BTC The price of Bitcoin has recently continued to decline, reaching as low as 60,001 USD, the lowest level since October 2024. The key factors driving the market down are not merely market fluctuations, but a structural shift stemming from 'large holders reducing their holdings and retail investors picking up the slack.'
Data shows that currently there are 10 to 10,000 BTC 'whale and shark' addresses, which collectively hold a proportion of 68.04% of the circulating supply of Bitcoin, marking a new low in 9 months. In just the past 8 days, these large holders have net sold as much as 81,068 BTC, clearly indicating a reduction in holdings.
Meanwhile, the "shrimp addresses" holding less than 0.01 BTC are exhibiting completely different behavior. The proportion of Bitcoin supply held by this type of retail investor has risen to 0.249%, reaching a 20-month high. Although the proportion is small, this trend clearly shows that retail investors are still continuing to buy during the decline, demonstrating a strong "refusal to surrender" sentiment.
Santiment analysis emphasizes that historical data shows a funding structure of "whales selling and retail investors buying" is often a typical signal for the market to enter or continue a bear market cycle. At this stage, if there has not been a clear "panic selling" from retail investors, the so-called "smart money" (whales) may likely continue to maintain a reduction strategy and are not in a hurry to return to the market. The key to a market turnaround may still require waiting for retail investor confidence to completely collapse before they choose to exit.
