Author: Ciaran Lyons, CoinTelegraph; Compiler: Wuzhu, Golden Finance
In the past six weeks, Bitcoin big holders have increased their holdings by 81,338 Bitcoins, showing confidence in the future price rise trend.
Wallets holding less than 0.1 Bitcoins sold about 290 Bitcoins, indicating that small retail investors are either panic selling or selling out of boredom.
Since March 26, Bitcoin spot ETFs have seen inflows of $4.41 billion.
While large Bitcoin holders remain confident and continue to increase their holdings, data from cryptocurrency analysis platforms show that small retail investors have been selling Bitcoin as the price of Bitcoin has been consolidating below $100,000 for a long time.
Santiment said in its X article on May 6 that the starkly different behavior between Bitcoin whales and retail investors often indicates that Bitcoin may be heading for another upward trend.
Santiment said: "When large wallets gradually accumulate while retail investors panic sell/sell out of boredom, this is usually a strong long-term signal that the price is biding its time, waiting for another breakout."
Since March 26, Bitcoin wallet holders holding 10 to 10,000 BTC have added a total of 81,338 BTC in the past six weeks.
This means that the group's total holdings have increased by 0.61%. Santiment said this could indicate that Bitcoin prices could retest the psychological $100,000 mark in the near future. "As we head into May, if you're bullish on Bitcoin hitting $100,000 in the near future, most of the major Bitcoin stakeholders are moving in the right direction," Santiment said.
However, Bitcoin wallets holding less than 0.1 BTC sold about 290 Bitcoins during the same period. According to CoinMarketCap, Bitcoin has traded between $76,273 and $97,210 since March 26.
As of this post, Bitcoin is trading at $96,360. Source: CoinMarketCap
On February 1, after U.S. President Donald Trump announced the tariff increase, Bitcoin prices fell below $100,000 and have not recovered to that level since then. As of press time, Bitcoin is trading at $96,360.
At the same time, spot Bitcoin ETF holders also increased their holdings during the same period. According to Farside data, the total fund inflows into U.S. spot Bitcoin ETFs have reached $4.41 billion since March 26.
The overall cryptocurrency market is still dominated by Bitcoin. According to TradingView data, on May 6, Bitcoin's dominance reached 65%, the highest level since January 2021.
As of the time of publishing this article, the indicator is 65.19%. Meanwhile, CoinMarketCap's Altcoin Seasonality Index still shows "Bitcoin Seasonality", indicating that the market favors Bitcoin more than altcoins.
While some analysts have been eyeing Bitcoin’s all-time high in late June, a Bitfinex analyst recently said that Bitcoin needs to continue to hold the $95,000 mark to recover and retest its all-time high, or face a deeper correction.
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