Bitcoin dip may not be over as whales sell into retail buying

The smart money that bought the panic last week then sold the rally to everyone else. Whales holding between 10 and 10,000 bitcoin accumulated heavily between Feb. 23 and March 3, when bitcoin was trading between $62,900 and $69,600, Santiment shows. When bitcoin hit $74,000 on Thursday, those same wallets started taking profit and have since offloaded roughly 66% of what they'd just bought.

Smaller holders stepped in as bitcoin slipped back below $70,000 on Friday and into Saturday, with wallets holding less than 0.01 BTC steadily increasing positions. Santiment flagged the pattern as a warning: "When retail buys while whales sell, it typically signals that the correction is not yet over." Glassnode data compounds the concern.

Around 43% of bitcoin's total supply is now sitting at a loss, and every push higher runs into sellers who have been underwater for weeks or months and are looking to break even rather than ride the rally.

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