Analysis: Whale participation needed for stable BTC rally

Although retail investors are buying Bitcoin, an analysis suggests that participation from whale investors is necessary for a meaningful rally. CoinDesk reported that, according to data from Santiment, holdings in wallets with less than 0.1 BTC—typically associated with retail investors—have increased by 2.5% since Bitcoin hit its all-time high last October. This growth has brought their share of the total supply to its highest level since mid-2024. In contrast, the supply share held by whale wallets, defined as those holding between 10 and 10,000 BTC, has decreased by approximately 0.8%. The report concludes that demand from retail investors alone is insufficient to sustain an uptrend, leading to unstable and volatile price movements, and that a shift to net buying by large-scale investors is now required.