- Large BTC addresses showed uncertainty amid market correction.
- Retail interest declined as whales made significant moves.
As Bitcoin’s [BTC] price rose to new heights, positive sentiment around the king coin grew significantly.
However, in the last few days, the bullish sentiment around Bitcoin slightly fell as the price of BTC fell below the $70,000 mark.
Whale makes big moves
However, a large Bitcoin address showed signs of uncertainty in response to a recent market correction.
Data revealed that a substantial amount of Bitcoin, totaling 16,003 BTC, with an age ranging between 5–7 years, had been moved on-chain by a significant whale.
The movement of long-dormant Bitcoin suggests increased activity by large holders.
This could indicate a variety of actions, including profit-taking, portfolio rebalancing, or strategic positioning in response to market dynamics.
Source: X
Looking at the larger picture
Given the considerable size of these BTC holdings, the behavior of the addresses holding these Bitcoins will have a significant impact on price dynamics and trader sentiment.
However, despite the behavior of this one significant whale, the broader sentiment for BTC across large addresses holding anywhere between 100 to 100,000 BTCs was relatively positive.
There was an uptick in accumulation observed across these cohorts with no signs of slowing down.
Source: Santiment
On the other hand, retail interest in BTC declined significantly. Most addresses holding coins between 0.001 to 0.1 had slowly started to sell their holdings.
The behavior exhibited by the retail investors could be one of the reasons for the recent correction in BTC’s price.
However, whale enthusiasm may help support the price movement and aid BTC in rallying back up to the $70,000 mark.
Source: Santiment
At press time, BTC was trading at $67,687.92 and its price had grown by 2.44% in the last 24 hours.
Moreover, the MVRV ratio for BTC also grew, showcasing that most addresses were still profitable and had an incentive to sell.
The Long/Short difference for BTC remained high, implying that the percentage of long-term holders was higher than the short-term holders at the time of writing.
How much are 1,10,100 BTCs worth today?
Long-term holders don’t react to minor price movements and are much more likely to HODL their BTC in times of market uncertainty.
The presence of long-term holders could benefit the sustainability of BTC’s rally in the long run.
Source: Santiment