Retail investors buy Bitcoin dip while whales take profits
Retail investors have been actively buying BTC after the price fell below $70,000, while large holders have begun taking profits.
According to analytics platform Santiment, whales — wallets holding between 10 and 10,000 BTC — were actively accumulating the coin between February 23 and March 3, Cointelegraph reports.
During that period, BTC traded in the $62,900–$69,600 range. However, after the price moved above $70,000 and briefly reached $74,000, the situation changed. Whales began unloading their positions. Santiment estimates that they have already sold about 66% of the BTC they accumulated earlier.
Retail investors continue accumulating coins
While large market participants are reducing positions, smaller investors are behaving in the opposite way. Wallets holding less than 0.01 BTC continue increasing their balances. Such divergence between retail traders and whales is often observed during market corrections.
Santiment analysts note that when retail investors are buying while whales are selling, the market has usually not yet reached a local bottom. At the time of publication, BTC was trading around $67,984. Selling pressure remains despite attempts by the price to stabilize.
Market indicators point to persistent fear
The decline in BTC’s price has intensified negative sentiment across the market. The Crypto Fear & Greed Index dropped by another 6 points to 12, placing it in the “extreme fear” zone. Some traders share a similar outlook.
Michael van de Poppe, founder of MN Trading Capital, said the market could test lower liquidity levels. According to him, if BTC fails to hold the $67,000–$68,000 range, a retest of recent lows is possible. After that, the market could form a foundation for a new rally.
ETF outflows add pressure to the market
Additional pressure on BTC’s price is coming from capital flows out of exchange-traded funds. According to Farside, spot Bitcoin ETFs in the United States recorded their largest outflow in the past three weeks. Net outflows reached about $348.9 million across 11 ETFs in a single day.
Previously, BTC had already fallen to $60,000 during the current correction following its all-time high of $126,000 reached in October. Economist Timothy Peterson considers the $60,000 level a potential cycle bottom. According to his Metcalfe Value model, the probability that BTC will remain above this level is about 99.5%.
Recently we wrote that the crypto market has moved into a decline, with total market capitalization falling to around $2.33 trillion, down about 2.9% over the past 24 hours. The Fear & Greed Index remains near 20, staying in the fear zone.
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