Bitcoin may not be done correcting. Data cited by Santiment shows that wallets holding 10 to 10,000 BTC accumulated aggressively between Feb. 23 and March 3, when Bitcoin traded in a range of $62,900 to $69,600. That stretch covered the worst of the sell-off tied to the Iran war and the early part of the rebound.
Once Bitcoin reached $74,000 on Thursday, those same wallets began taking profit. Since then, they have sold roughly 66% of what they bought in that earlier window. At the same time, wallets holding less than 0.01 BTC kept adding exposure as Bitcoin slipped back below $70,000 on Friday and Saturday. Santiment said this is the classic pattern it treats as a warning: retail buying while whales are selling often suggests the correction is still in progress.
Supply pressure built quickly near $74,000
Glassnode data adds another layer to the setup. About 43% of Bitcoin’s total supply is currently sitting at a loss. Each move higher runs into holders who have been underwater for weeks or months and are looking to exit around breakeven instead of staying in the rally.
That appears to be what happened near $74,000. The rebound met selling from two directions at once: whales locking in gains and underwater holders using the bounce to get out at cost basis. Price pushed higher, but supply came in fast at that level.
Fear remains deep while monthly progress is limited
Sentiment has also weakened. The closely watched Crypto Fear and Greed Index fell 6 points to 12 on Saturday, leaving it deep in extreme fear territory. The reading is among the lowest seen since the October crash.
The broader price picture is unusually choppy. Bitcoin touched $60,000 on Feb. 6, climbed to $74,000 on March 5, and is now around $68,000, roughly where it traded three weeks ago. The swings have been large, yet the net monthly move is close to flat.
The source frames the market in simple terms. Rallies keep meeting holders who want to sell, and dips keep drawing in retail buyers trying to catch a bounce. From here, either that overhead supply gets absorbed and Bitcoin breaks convincingly above $74,000, or buying power fades and the market puts the $60,000 area under real pressure.