Are Retail Investors Missing Out on a Bullish Shift?

Bitcoin’s price rally continues, recently hitting a three-month high close to $69,000 and currently sitting around $67,768. Meanwhile, recent data from Santiment, an on-chain market analysis platform, reveals that 297 new “whale” wallets holding over 100 BTC have popped up in just two weeks!

At the same time, smaller wallets are disappearing, suggesting that big investors are buying while smaller holders cash out. Could this change in Bitcoin ownership hint at a strong bullish trend ahead?

Whales Accumulate More BTC as Retail Sells Off

According to Santiment, whale wallets holding 100 or more Bitcoin have surged by nearly 2% over the last two weeks, adding 297 wallets. This accumulation trend aligns with a pattern often seen before market upswings, where major stakeholders increase their holdings as smaller investors sell. 

The number of smaller wallets has dropped by over 20,000, reflecting a slight pullback among retail traders who might be offloading Bitcoin during recent price ups and downs. The shift in Bitcoin from smaller holders to whales has been known to signal potential market growth. 

Meanwhile, the shift from retail to whale holdings is historically significant. When large-scale investors increase their positions while retail traders reduce their exposure, it has often signaled a rise in Bitcoin’s price. 

Opportunity for Retail Investors?

As whales continue to acquire more Bitcoin, retail investors might want to reconsider their strategy. This pattern often signals that larger players expect a price rise, potentially creating an ideal opportunity for smaller investors to enter the market before any significant rally.

Bitcoin Price Analysis

On Bitcoin’s daily chart, the asset recently surged above the $67,000 level and the 200-day moving average, which are close to each other. This rally has increased the likelihood of Bitcoin reaching a new all-time high soon.

The Relative Strength Index (RSI) currently sits at 67, signaling moderate buying pressure without hitting overbought levels. However, sellers have held the $69,000 resistance level, causing some downward pressure.

If Bitcoin stays above the $68,000 support level, the upward trend remains intact. A steady push beyond $69,045 could drive further gains toward the key psychological level of $70,000.