Bitcoin’s price movement has once again exposed a divergence in investor behavior. While larger Bitcoin holders, often referred to as whales, continue to accumulate BTC, smaller retail investors have been selling off their holdings. According to data from crypto analytics platform Santiment, this trend has been ongoing since late March as Bitcoin struggles to break above the $100,000 level.
Retail Investors Offload as Whales Accumulate
Since March 26, Bitcoin wallets holding between 10 and 10,000 BTC have accumulated a staggering 81,338 BTC – a 0.61% increase in holdings. This buying spree by larger holders comes amid retail investors offloading approximately 290 BTC, reflecting a growing sense of uncertainty among smaller players.
Santiment’s data suggests that such contrasting behavior is often a precursor to a price breakout. “When large wallets gradually accumulate in tandem with retail panic selling, it is generally a strong long-term sign of prices biding their time before another breakout,” Santiment noted in a May 6 post on X.
🐳 As May progresses, Bitcoin's key stakeholders are mostly moving in the right direction if you're rooting for $100K $BTC in the near future.
— Santiment (@santimentfeed) May 6, 2025
Wallets with the highest correlation with crypto's overall market health (10-10K BTC wallets) have accumulated a combined 81,338 more… pic.twitter.com/4DKhOwROgx
Bitcoin Dominance Reaches New Highs
As Bitcoin whales continue to accumulate, the asset’s market dominance has soared to 65.19%, marking the highest reading since January 2021. Meanwhile, Bitcoin’s spot ETF holders in the U.S. have also been ramping up their exposure, with $4.41 billion in inflows since late March, according to Farside data.
Also Read: Bitcoin Teeters at $97K: Will Powell’s FOMC Call Be the Catalyst for $100K?
However, the crucial $100,000 level remains elusive. Bitcoin fell below $100,000 on February 1 after the announcement of new tariffs by U.S. President Donald Trump, and despite the accumulation by large holders, the asset has yet to reclaim that psychological level.
Will Bitcoin Reclaim $100K?
Analysts at Bitfinex remain cautiously optimistic, stating that Bitcoin must maintain support above $95,000 to stage a potential retest of its all-time high. “If BTC fails to hold this level, we could see a deeper correction,” they warned. As retail investors exit and whales accumulate, the next few weeks could determine Bitcoin’s trajectory toward the highly anticipated $100,000 mark.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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