Bitcoin's price may be poised for further declines despite retail investors accumulating the cryptocurrency below $70,000. Crypto sentiment platform Santiment reports that large holders, known as whales, have begun selling after Bitcoin reached $74,000. These whales, holding between 10 and 10,000 BTC, had previously accumulated significant amounts between $62,900 and $69,600. Since Bitcoin's climb past $70,000, whales have offloaded approximately 66% of their recent purchases.
Conversely, retail investors holding less than 0.01 Bitcoin have been increasing their positions. Santiment warns that this dynamic, where retail buys while whales sell, often indicates that a market correction is not yet complete. Bitcoin is currently trading around $67,984. The cryptocurrency's downturn has also pushed the Crypto Fear & Greed Index into "Extreme Fear" territory with a score of 12. Analyst Michael van de Poppe suggests that if Bitcoin fails to find support around $67,000-$68,000, it could retest lower levels before a potential rebound. This comes as US-based spot Bitcoin ETFs experienced their largest outflow day in three weeks, with $348.9 million in net outflows.