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On-chain data cited by Santiment indicates a split in Bitcoin investor behavior during the recent rally, with smaller “retail-sized” wallets taking profits while larger investors have been adding to their holdings.
Santiment’s analysis uses a “Supply Distribution” indicator that measures how much BTC different wallet groups hold. Wallets are grouped by the number of coins in their balances. For this report, two ranges are highlighted: 0 to 0.01 BTC (the smallest retail cohort) and 10 to 10,000 BTC (larger investors, including “sharks and whales”).
Over the past month, the two cohorts’ trends diverged in recent days. Santiment’s chart shows that retail-sized wallets were accumulating toward the end of April, while the larger cohort’s holdings were relatively flat. Since the start of May, however, the pattern has reversed: retail investors have shifted toward selling, while large holders have increased their BTC balances.
In the first few days of May so far, the 10 to 10,000 BTC group accumulated 16,622 tokens, representing a 0.12% increase in its total holdings. During the same period, the retail cohort sold 28 BTC, a 0.05% decline in its supply.
The opposite trajectories in supply distribution have coincided with a Bitcoin price surge. Santiment noted that historically, this kind of divergence—where larger investors add coins while smaller wallets drop out—has aligned with strong bullish runs.
“The strongest bull runs in crypto historically occur when smart money adds more coins to their wallets, while small wallets drop out. It’s a short sample size here in May, but so far things are moving in the right direction to justify further price rises throughout cryptocurrency.”
Bitcoin neared the $83,000 level during its latest surge, but has since pulled back slightly to around $82,000.
Source: Santiment on X
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