Large Bitcoin investors have reduced their holdings to a nine-month low, with whales selling over 81,000 BTC in eight days as prices fell towards $65,000. On-chain data reveals retail buyers are accumulating despite the sell-off, while overall market sentiment has hit extreme fear levels not seen since 2022.
Major Bitcoin holders have aggressively sold during the recent downturn, with their collective holdings falling to 68.04% of the supply. This selling pressure occurred as Bitcoin’s price dropped from nearly $90,000 to approximately $65,933.
Data from the on-chain analytics platform Santiment shows wallets sold over 81,000 BTC in just eight days. The platform stated this activity signals growing caution among institutional investors.
Retail investors have been buying during the same period, with wallets holding less than 0.1 BTC reaching a 20-month high. Santiment’s analysts noted “This combination of selling from key participants and buying from retail investors is what historically creates bear cycles.”
Overall market sentiment has turned sharply bearish, with the Crypto Fear & Greed Index dropping to a value of 9. This represents extreme fear levels last observed during the market turmoil of mid-2022.
Analyst Ted Pillows indicated significant buy orders worth approximately $273 million exist between $60,000 and $68,000. He described this as a “high-demand area” that could provide price support.
