On-chain Data: Retail Investors Continue to Increase BTC Holdings, Whales Reducing Positions May Limit Rebound

According to on-chain data platform Santiment: since BTC hit its all-time high last October, retail wallets holding less than 0.1 BTC have increased their holdings by approximately 2.5%, reaching a supply share that is the highest since mid-2024; meanwhile, whales and large holders holding 10–10,000 BTC have collectively decreased their holdings by about 0.8%.
Although Glassnode data shows that the group holding 10–100 BTC previously bought the dip when BTC fell back to around $60,000, large wallets still remain net sellers on a broad scale.
Currently, Bitcoin is fluctuating in the mid-$60,000 range.
Analysis suggests: retail buying can provide short-term support and bottom defense, but continuous selling pressure from whales may suppress the rebound potential. If large holders do not stop reducing their positions and even start increasing them, the rebound could face selling pressure at higher levels, and the market is likely to remain volatile rather than establish a clear trend.