Whales sold into retail buying during the recent Bitcoin dip, having accumulated between Feb. 23 and March 3 while bitcoin traded in the $62,900–$69,600 range. Those whales offloaded roughly 66% of what they had purchased after bitcoin peaked at $74,000 on March 5, with the cryptocurrency having moved from $60,000 on Feb. 6 to that March 5 high before settling around $68,000.
Whales holding between 10 and 10,000 bitcoin accumulated heavily from Feb. 23 through March 3 while bitcoin traded in the $62,900–$69,600 range, building a sizable position that preceded the market’s subsequent peak. After bitcoin reached $74,000 on March 5, those whale wallets offloaded approximately 66% of what they had purchased during that accumulation window. Simultaneously, retail investors added very small holdings: wallets containing less than 0.01 BTC steadily increased their positions as bitcoin slipped back below $70,000, marking continued activity within those very small wallets.
Santiment noted this juxtaposition — retail buying while whales sell — and stated, “When retail buys while whales sell, it typically signals that the correction is not yet over,” warning that the observed flows could be interpreted as a sign the corrective phase remains in effect.
Bitcoin’s recent price action showed large intra-week moves while producing net movement near zero over the period. The token touched $60,000 on Feb. 6, climbed to a peak of $74,000 on March 5, and is trading around $68,000 at present. Those specific milestones framed sharp swings within weeks, even as the aggregate change remained limited. Observers noted sizeable intra-week volatility alongside little net directional progress.
Market-sentiment and on-chain indicators published during the same period recorded heightened risk readings. The Crypto Fear and Greed Index fell six points to 12 on Saturday. Glassnode data showed roughly 43% of bitcoin’s total supply was sitting at a loss. These recorded metrics were presented together with the price action as contemporaneous measures of market conditions.
The documented figures outline recent price volatility, sentiment deterioration, and material unrealized losses across the network. They were reported as part of the same market update.
The article outlined two possible market outcomes for Bitcoin: either the selling by whales exhausts and a breakout above $74,000 occurs, or retail buying exhausts and the $60,000 floor gets tested. It reported both scenarios without endorsing either outcome.
The piece also noted other crypto developments, including Pudgy Penguins selling over 2 million units and operating a phygital model with global partnerships and events described as disruptive. Additionally, it recorded that XRP had slipped while traders watched its $1.35 support level.
These points were presented as contemporaneous observations within the market update. No further scenarios or asset-specific forecasts were provided in the article. The summary reflects the items covered in the original report.
