✍️ TL;DR: Small $BTC traders keep buying dips, while whales slowly offloading

📊 Metrics Used: Supply Distribution

🔗 Chart link

🐟 Our on-chain research indicates that retail investors continue to view every Bitcoin dip as a buying opportunity. Over the past two weeks alone, wallets holding less than 0.01 BTC have increased their collective holdings by +0.36%, even as BTC battles to stay above its $60K key support level. Historically, true market bottoms are often accompanied by capitulation from smaller investors, when frustration finally outweighs conviction. That widespread surrender simply isn't showing up yet.

🐳 Meanwhile, wallets holding between 10 and 10,000 BTC have reduced their holdings by 0.20% over the same period, suggesting that larger stakeholders remain unconvinced that this is the time for a major relief rally. This divergence leaves retail investors carrying much of the bullish burden while whales sit on the sidelines. Until smaller holders begin showing signs of exhaustion or larger players return to aggressive accumulation (preferably both scenarios come true), Bitcoin and crypto markets may still be searching for a more durable bottom.

📰 Markets move opposite to what retail expects, and in tandem with how whales behave. More updates soon.