On March 7, retail investors bought heavily as Bitcoin fell below $70,000, but crypto sentiment platform Santiment said that if historical patterns repeat themselves, whale activity suggests that prices could fall further.
"These key stakeholders began taking profits when Bitcoin hit $74,000," Santiment said in a report on Friday.
Santiment explained that whale holding 10 to 10,000 bitcoins "accumulated significantly" between February 23 and March 3, when bitcoin was trading between $62,900 and $69,600.
Since Bitcoin broke through $70,000 and reached $74,000 on Wednesday, this group has sold off approximately 66% of its recent buying volume. Meanwhile, retail investors holding less than 0.01 Bitcoins have been increasing their positions.
"When retail investors buy and whale sell, it usually indicates that the pullback is not over yet," Santiment said.
