Santiment: Retail Buys as Whales Sell May Keep Bitcoin Dip Going

Retail investors have been scooping up Bitcoin after it slipped below $70,000, while whale activity points to further downside. Santiment said whales — wallets holding between 10 and 10,000 BTC — had “accumulated heavily” between Feb. 23 and Mar. 3 when Bitcoin traded between $62,900 and $69,600, but began taking profit once the price hit $74,000.

Since Wednesday the cohort has offloaded around 66% of their recent purchases as smaller holders increased positions. Santiment added that “when retail buys while whales sell, it typically signals that the correction is not yet over.” Bitcoin was trading at $67,984 at the time of publication, and the Crypto Fear & Greed Index slid six points to a score of 12, plunging further into “Extreme Fear.” MN Trading Capital founder Michael van de Poppe shared a similar view, saying that if Bitcoin doesn’t find support in the $67–68K region it could retest lows for liquidity before bouncing back.

The drop coincided with US-based spot Bitcoin ETFs logging their largest outflow day since Feb.

United States

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