On-chain analytics reveal that large holders have intensified selling. According to Santiment, addresses holding between 10 and 10,000 BTC — commonly called whales and sharks — offloaded a total of 24,602 BTC over the past week. Their combined holdings dropped 18% during the same period. Santiment notes that when market depth is thin, institutional-scale sell-offs often dictate short-term price direction.
The acceleration of large holder sales can prove decisive for short-term price direction, especially when market depth is thin.
With Bitcoin slipping back below the $70,000 threshold, most investors have moved to a defensive stance. The market now watches whether selling pressure will ease as prices approach the $65,000 region. Analysts warn that sustained trading below key support could amplify downside risks.
Retail buying remains marginal against whale sell-off
In stark contrast, wallets holding less than 0.01 BTC added only 61 BTC over the past month — a modest 12% increase for that group. While some retail traders see lower prices as an opportunity, buying volume is far too small to shift overall market sentiment on its own. Santiment suggests a more sustainable recovery would require both whales to resume accumulation and retail demand to reach meaningful levels. A simultaneous shift in behavior from large and small holders could signal a more solid market bottom.
Fear and Greed Index hits 'extreme fear,' trading remains active
Investor sentiment has soured sharply. The widely tracked Fear and Greed Index plunged to 11 (extreme fear) before bouncing to 26, reflecting widespread caution. Such extreme readings often coincide with forced liquidations, reduced leverage, and broad risk reduction. The total crypto market cap hovers around $2.40 trillion, with daily volume at $143.61 billion — elevated activity despite falling prices suggests participants stay engaged. Ethereum fell 5.36% on the day to $1,872.40, while Bitcoin dominance held at 55.93%.
$65,000 emerges as key support; RSI shows oversold
Technically, Bitcoin has struggled to break the resistance zone between $70,000 and $75,000. Analysts see this band as a stubborn barrier where momentum has visibly faded. Bitcoin sits below both short- and medium-term moving averages, giving sellers the upper hand. CryptoQuant's HODL Waves study identifies the $65,000 region as a likely local bottom. HODL Waves is an on-chain metric tracking how long Bitcoin is held in wallets, helping to differentiate short-term selling pressure from long-term accumulation. Analyst Trader Tardigrade notes that the daily RSI has slipped back into oversold territory. Historically, similar readings have preceded strong rebound rallies. If rising lows in RSI persist, Bitcoin may attempt a bullish reversal. However, a daily close below current support could shift attention to liquidity zones near $60,000.