Bitcoin suffered its biggest decline in the current cycle, trading 25% lower than its peak. The data shows that this BTC drop is triggering different behavior among investors, with whale and shark wallets showing different patterns from smaller holders. 🐋🦈
Large Bitcoin wallets are increasing, while small traders appear to be selling their BTC, perhaps out of fear, which is contributing to the current selling pressure in the market. In contrast, there is an increasing number of whales holding 1,000 BTC or more, and sharks, with 10 to 1,000 BTC, increasing their bitcoin holdings and remaining unaffected by factors that encourage small traders to reduce their stocks.
According to the latest analysis by crypto analytics platform Santiment, July has seen a net increase of over 261 wallets now holding at least 10 BTC. This suggests that larger, more established investors are growing confident in bitcoin's long-term potential, perhaps signaling a bullish outlook even as the crypto faces its deepest correction since late 2022.
According to Glassnode's "The Week Onchain" newsletter, the current correction is much shallower compared to previous cycles, indicating a strong market structure and reduced volatility as BTC matures as an asset class.
What do you think about this? Are you a whale, shark, or small trader? Share your opinion in the comments column! 😄