On-chain data shows that retail investors continue to increase their BTC holdings, while whales reducing their positions may limit the upside potential.

PANews reported on February 21st that, according to CoinDesk, on-chain data platform Santiment shows that since reaching an all-time high in October, small wallets holding less than 0.1 BTC (generally considered retail investors) have increased their holdings by approximately 2.5%, bringing their supply share to its highest level since mid-2024. In contrast, the overall holdings of "large" holders (whales and sharks) holding 10 to 10,000 BTC have decreased by approximately 0.8%. Analysts believe that this structural divergence often leads to volatile price movements rather than the formation of a clear trend.

Previously, Glassnode's "Accumulation Trend Score" rose to 0.68, indicating that holders of 10 to 100 BTC actively bought the dip when prices fell to around $60,000. However, broader data from Santiment shows that large wallets have been net sellers since October. Market analysts point out that Bitcoin currently has no shortage of retail investors; the key is whether whales will stop selling pressure and shift to structural buying. Otherwise, each rebound could face the risk of being sold off at higher prices.

Currently, Bitcoin prices are mostly fluctuating around the $60,000 mark. Market analysts point out that retail buying can provide some "bottom support" and short-term momentum, but for a sustainable rebound to occur, large investors need to stop distributing Bitcoin or even become net buyers.