19:05 ▪
4
min read ▪ by
Bitcoin has fallen below $70,000 and the recovery is slow to convince. While small investors see a golden opportunity in this decline, the big wallets decided to sell. According to analytics platform Santiment, this discrepancy between the two camps suggests that the correction could continue.
In short
- Bitcoin whales sold around 66% of their recent purchases once the price broke through $74,000.
- Small investors (less than 0.01 BTC) increase their purchases below $70,000.
- The Crypto Fear & Greed Index is at 12, in the “extreme fear” zone.
Bitcoin whales cash out, retail investors watch for countertrend move
In a report published on Friday, March 7, the Santiment platform reveals the revealing behavior. Between February 23rd and March 3rd, Bitcoin whales, wallets holding between 10 and 10,000 BTC, discreetly piled up, taking advantage of the price between $62,900 and $69,600. A methodical strategy executed under the radar.
But once Bitcoin crossed $74,000 on Wednesday, the behavior of these big players changed drastically. Santiment reports that they sold about 66% of their recent purchases and cashed in their profits without hesitation.
“Once Bitcoin reached $74,000, these key players began cashing out profits,” sums up the platform.
Meanwhile, small holders, those with less than 0.01 BTC, took the opposite step. Attracted by the decline, they strengthened their positions, convinced that they were buying at the right time.
This pattern, banal at first glance, is actually a classic warning signal in the crypto markets. The sentiment is clear:
When retail investors are buying while large investors are selling, it generally indicates that the correction is not yet over.
Indicators confirming bearish pressure
The overall picture is grim. The Crypto Fear & Greed Index lost another 6 points to settle at 12 on Saturday, further falling into the “extreme fear” zone. A rarely seen level reflecting widespread anxiety among investors.
On the US spot bitcoin ETF side, the day was particularly painful: $348.9 million in outflows across 11 listed products, according to Farside data. This is the biggest daily outflow since February 12, a sign that institutional investors are also reducing their exposure.
Technically, the $67,000-$68,000 level is attracting all the attention. Michael van de Poppe, founder of MN Trading Capital, is blunt:
If Bitcoin does not find support in this zone, we will likely retest the lows for liquidity reasons before rebounding.
Even further down, some analysts mention a fair value gap around $66,500, an area of low liquidity that is likely to attract trades.
However, one element moderates this widespread pessimism. On March 4, nearly 32,000 BTC left the Bitfinex platform in a single day, a move that CryptoQuant analysts called “abnormal,” often associated with discrete institutional accumulation. If net flows remain negative in the coming days, a solid bullish signal could emerge.
In short, Bitcoin is trading at $67,984 at the time of publication. The $67,000-$68,000 band will be decisive: either buyers hold tight and prepare for another rally, or the market retests lower levels before finding balance. In the context of extreme fear, every candle counts.
Maximize your Cointribune experience with our “Read and Earn” program! Earn points for every article you read and get access to exclusive rewards. Register now and start reaping the benefits.
I am passionate about Bitcoin, I love exploring the intricacies of blockchain and cryptocurrency and sharing my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER OF LIABILITY
The views, thoughts and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Before making any investment decision, do your own research.
