On February 21, according to on-chain platform Santiment data, since Bitcoin reached its all-time high in October last year, small wallets holding less than 0.1 BTC (usually considered retail investors) have increased their holdings by approximately 2.5%, with their share of supply rising to the highest level since mid-2024. In contrast, the overall holdings of "whales" (large investors holding 10 to 10,000 BTC) have decreased by about 0.8%. This structural divergence often leads to volatile price movements without forming a clear trend.

Currently, Bitcoin's price is mostly fluctuating around the mid-$60,000 range. Market opinions suggest that retail buying can provide some "bottom support" and short-term momentum, but for a sustainable rebound, large investors need to stop distributing and even shift to net accumulation. Analysts believe that Bitcoin is not lacking retail participation at present; the key is whether whales will stop selling pressure and turn to structural buying, otherwise each rebound may face the risk of being sold at high levels. #BTC行情分析 $BTC