On-chain data reveals the BTC on-chain differentiation pattern: whale holdings reach a nine-month low, while retail holdings hit a 20-month high.
According to analysis data from the on-chain data analysis platform Santiment, the Bitcoin market is exhibiting a typical bear market structure of "whales selling and retail investors buying," which may be a key reason behind the recent price plunge to $60,001 (the first time since October 2024).
Data shows that the proportion of Bitcoin held by "whale and shark" addresses, which hold between 10 and 10,000 Bitcoins, has dropped to 68.04%, hitting a nine-month low since May 28, 2025.
This includes the fact that in just the past eight days, these "whale" addresses have sold 81,068 Bitcoins, and the ongoing selling pressure has significantly impacted the market.
Meanwhile, small retail addresses holding less than 0.01 Bitcoins are showing the opposite trend. Their holdings now account for 0.249% of the total supply, reaching a 20-month high since June 20, 2024.
Although the proportion of small retail addresses is minimal, it clearly reflects the determination and strong willingness of retail investors to "buy the dip" in the current decline.
However, this pattern of "large holders selling and retail investors buying" is historically a typical characteristic that fosters and prolongs the bear market cycle. Analysts point out that as long as there are no clear signals of "retail surrender" (i.e., panic selling) in the market, "smart money" (whales) may continue to be willing to sell chips and are not in a hurry to buy back until most retail investors lose confidence and choose to exit.
Overall, this on-chain dynamic reveals a severe differentiation trend in the crypto market. Specifically, the whale funds that determine price direction are withdrawing, while the retail funds that support the market are accumulating against the trend. Only when this imbalance is reversed can the market possibly release a true bottom signal.
