I noticed an interesting thing in the Bitcoin market — there’s a sort of split between who’s actually buying and who’s selling. Small investors, the so-called “crabs” with wallets under 0.1 BTC, are actively buying the dip. Their share in the total volume has increased by 2.5% since October’s high and has reached the highest level since mid-last year. This looks like classic retail accumulation during a decline.

But here’s the catch — large whales and sharks, holding from 10 to 10,000 bitcoins, are doing the exact opposite. They’ve been reducing their positions since October, each time the price recovers. It turns out that when the price goes up, they sell, which puts pressure on the growth. Currently, BTC is holding around $74,600, but this divergence creates a sense of instability — as if the market is moving back and forth but can’t truly break through.

Data shows that retail investors are doing their part, but for a serious rally, the big players are needed. Their accumulation, not selling. As long as they sell on every rebound, small investors just buy what they’re dumping. This can’t be the foundation for sustainable growth. We need to wait for the moment when whales change direction — then it will truly happen.