Retail impatient with Bitcoin while Whales keep Buying
Retail investors have been selling Bitcoin because the asset's protracted consolidation below the $100,000 price level
Quick overview
- Retail investors are selling Bitcoin due to its prolonged consolidation below $100,000, while larger holders continue to accumulate.
- Santiment suggests that the contrasting behaviors of Bitcoin whales and retail investors may signal an impending uptrend for the cryptocurrency.
- In the past six weeks, wallets holding between 10 and 10,000 BTC have accumulated a total of 81,338 BTC, indicating potential testing of the $100,000 price level.
- Despite Bitcoin's volatility, open interest for Bitcoin futures has risen by $2 billion, reaching $32 billion, although still below January's peak.
Live BTC/USD Chart
Retail investors have been selling Bitcoin because the asset’s protracted consolidation below the $100,000 price level, while larger Bitcoin holders are still confident and adding to their holdings. In a May 6 X post, Santiment stated that the divergent actions of Bitcoin whales and regular investors frequently indicate that the cryptocurrency may be on the verge of another uptrend.
“It is typically a strong long-term indication of prices waiting for another breakout when big wallets slowly accumulate in tandem with retail panic selling or selling out of boredom.”
Santiment stated. Over the six weeks since March 26, holders of Bitcoin wallets holding between 10 and 10,000 BTC have amassed 81,338 BTC.
According to Santiment, this might indicate that the psychological $100,000 price level will soon be tested again. If you’re hoping for $100K BTC soon, Santiment stated that most Bitcoin’s major players are heading in the right direction in May
Bitcoin remained volatile and hovered around $97,000 on Wednesday, staying below the April low. According to data from The Block, the Volmex 30-day implied volatility index increased marginally to 48 from 43 the previous week. The markets for derivatives showed cautious positioning.
According to CoinGlass, open interest for Bitcoin futures increased by $2 billion since Monday to $32 billion on Wednesday. The figure is still less than the January peak of $40 billion for the year.
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