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, retail buying', which may be a key reason behind the recent price drop to $60,001 (the first time since October 2024).
Data shows that the proportion of Bitcoin held by 'whales and sharks' addresses holding 10 to 10,000 Bitcoins has dropped to 68.04%, reaching a nine-month low since May 28, 2025.
This includes, just in the past 8 days, these 'whale' addresses have sold 81,068 Bitcoins, and the ongoing selling pressure has had a significant impact on the market.
Meanwhile, small retail addresses holding less than 0.01 Bitcoins are showing an opposite trend. Their holdings have reached 0.249%, marking a 20-month high since June 20, 2024.
Although the share of small retail addresses is minimal, it clearly reflects the determination and strong willingness of retail investors to 'buy the dip' in the current downturn.
However, this pattern of 'large holders selling, retail buying' is historically a typical characteristic that stimulates and prolongs bear market cycles. Analysts point out that as long as there is no clear signal of 'retail surrender' (i.e., panic selling), 'smart money' (whales) may continue to be willing to sell chips and are not in a hurry to repurchase until most retail confidence is exhausted and they choose to exit.
Overall, this on-chain dynamic reveals the 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 potentially release a true bottom signal.
