In a striking divergence of sentiment within the Bitcoin community, large-scale investors—often dubbed “whales”—have been quietly amassing Bitcoin over the past six weeks, signaling a potential bullish trend on the horizon. According to Santiment, these substantial holders have accumulated an impressive 81,338 BTC since March 26, indicating robust confidence in Bitcoin’s price trajectory. In stark contrast, smaller investors with wallets holding less than 0.1 BTC have offloaded around 290 BTC during the same period, possibly driven by impatience or anxiety over market fluctuations.
Whales vs. Retail: A Tale of Two Strategies
While Bitcoin continues to hover below the psychologically significant $100,000 mark, the contrasting behavior between large and small investors paints a fascinating picture. Santiment, a leading crypto analytics platform, suggests that this pattern—whales buying as smaller investors sell—often precedes a notable price surge. “When large wallets gradually accumulate in tandem with retail panic selling or selling out of boredom, it is generally a strong long-term sign of prices biding their time before another breakout,” the firm stated, hinting at potential market dynamics. This aligns with recent observations in Bitcoin Surges Past $94,000 as Institutional Interest and Market Optimism Grow, where institutional interest continues to bolster Bitcoin’s prospects.
The accumulation by large holders represents a 0.61% uptick in the cohort’s total holdings, a statistic that could foreshadow a price retest of the elusive $100,000 level. As May unfolds, market participants are keenly watching Bitcoin’s price movements, with many speculating on its ability to breach previous highs.
ETF Inflows and Bitcoin Dominance
Adding another layer to this narrative, spot Bitcoin ETFs have witnessed a staggering $4.41 billion in inflows since late March, as reported by Farside data. This influx of capital underscores the growing institutional interest in Bitcoin, even as retail investors appear wary. The surge in ETF investments coincides with Bitcoin’s dominance reaching a peak of 65% on May 6—its highest level since January 2021—suggesting that the broader crypto market remains heavily skewed towards Bitcoin.
The altcoin season index from CoinMarketCap further corroborates this trend, indicating a “Bitcoin Season” where BTC outshines other digital currencies. Yet, this dominance raises questions about the sustainability of Bitcoin’s lead, especially as market watchers anticipate potential all-time highs by June’s end. For more on Bitcoin’s potential breakout, see our recent analysis in Crypto Daybook Americas: All Eyes on Jobs, Fed as Bitcoin Prepares for Breakout Rally.
Market Outlook: A Fragile Balance
As analysts from Bitfinex warn, Bitcoin must sustain levels above $95,000 to avert a deeper market correction and potentially retest its all-time high. The current trading price of $96,360, as of today, provides a precarious cushion for Bitcoin’s price action in the coming weeks.
The broader question remains: Can Bitcoin maintain its upward momentum amid mixed investor sentiment and external factors such as economic policies and market regulations? While some experts remain optimistic about Bitcoin’s long-term prospects, the road ahead is fraught with uncertainty.
Looking forward, the crypto community remains on tenterhooks, eagerly awaiting Bitcoin’s next move. Whether it can shatter the $100,000 barrier or face a retracement will hinge on a confluence of investor behavior, market sentiment, and macroeconomic forces. As always, investors are advised to conduct thorough research and exercise caution in navigating this volatile landscape.
Source
This article is based on: Bigger Bitcoin wallets are stacking while others sell: Santiment
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
