BTC Pullback: Smart Money Accumulates, Retail Hesitates

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Here's who has been buying and who has been selling throughout BTC's most recent retracement.

Bitcoin’s price movements since early October can safely be categorized as bearish, given the fact that the asset shed over 50% of its value from its all-time high to its multi-year low of $60,000 marked on February 6.

Although it has recovered some ground since then, the cryptocurrency is deep in the red even on a year-to-date scale. Santiment investigated which investor group sold off during the months-long correction, and which increased their positions.

Who’s Selling and Buying?

The post from the analytics company reveals an interesting pattern. It reads that wallets holding between 10 and 10,000 bitcoins have reduced their positions by 0.8% since the October peak. In contrast, micro investors, those with 0.1 BTC or less, have increased their holdings by 2.5% within the same timeframe.

The analysis reads that this behavior from both groups does not suggest an upcoming price reversal.

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