Whale selling, retail buying pattern drives BTC decline, says Santiment

A pattern of whales selling Bitcoin while retail investors are buying has contributed to the asset's price decline, according to an analysis by Santiment. The firm noted that the share of total supply held by whale wallets with 10 to 10,000 BTC has fallen to 68.04%, a nine-month low. These large holders sold a total of 81,068 BTC over the last eight days. In contrast, the proportion of supply held by retail addresses with less than 0.01 BTC has risen to 0.249%, a 20-month high. Santiment described this dynamic as a typical factor in creating a bear market. The firm predicted that whales will likely continue to sell off their holdings and observe from the sidelines until retail investors fully capitulate and exit the market.