Author: Ciaran Lyons, CoinTelegraph; Translated by: Wu Zhu, Jinse Finance
Summary
Over the past six weeks, Bitcoin whales have accumulated 81,338 Bitcoins, demonstrating confidence in future price appreciation trends.
Wallets holding less than 0.1 Bitcoin have sold approximately 290 Bitcoins, indicating that small retail investors are either panic selling or selling out of boredom.
Since March 26, inflows into Bitcoin spot ETFs have reached $4.41 billion.
Despite large Bitcoin holders remaining confident and continuing to accumulate, data from cryptocurrency analysis platforms shows that small retail investors have been selling Bitcoin as its price remains long-term stagnant below $100,000.
Santiment stated in an X article on May 6 that the drastically different behaviors between Bitcoin whales and retail investors often signal that Bitcoin may be heading towards another upward trend.
Bitcoin Retail Players Show Signs of Hesitation
Santiment said: "When large wallets gradually accumulate while retail investors panic sell or sell out of boredom, this is usually a strong long-term signal indicating that the price is waiting for an opportunity to break through again."
Since March 26, Bitcoin wallets holding 10 to 10,000 BTC have collectively accumulated 81,338 BTC over the past six weeks.
This means the total holdings of this group increased by 0.61%. Santiment suggests that this might foreshadow Bitcoin potentially retesting the psychological level of $100,000 in the near future. "As May arrives, if you are bullish on Bitcoin reaching $100,000 soon, then the major Bitcoin stakeholders are mostly moving in the right direction," Santiment said.
However, during the same period, Bitcoin wallets holding less than 0.1 BTC sold approximately 290 Bitcoins. According to CoinMarketCap data, Bitcoin's trading price has been between $76,273 and $97,210 since March 26.
At the time of publication, Bitcoin was trading at $96,360. Source: CoinMarketCap
On February 1, after US President Donald Trump announced additional tariffs, Bitcoin's price dropped below $100,000 and has not recovered to that level since. At the time of writing, Bitcoin was trading at $96,360.
Meanwhile, Bitcoin spot ETF holders have also increased their holdings. According to Farside, the total inflow into US Bitcoin spot ETFs has reached $4.41 billion since March 26.
Bitcoin Dominance Continues to Surge
The overall cryptocurrency market remains Bitcoin-dominated. According to TradingView data, on May 6, Bitcoin's dominance reached 65%, the highest level since January 2021.
At the time of publication, this metric was 65.19%. Simultaneously, CoinMarketCap's Altcoin Season Index still shows a "Bitcoin season", indicating a higher market preference for Bitcoin over Altcoins.
Although some analysts have been focusing on Bitcoin potentially setting a new historical high by the end of June, Bitfinex analysts recently stated that Bitcoin needs to continue holding the $95,000 level to rebound and retest its historical high, otherwise it will face a deeper correction.
