Bitcoin (BTC) is making strides above $66,000, aiming to reclaim its recent all-time high. However, the efforts are met with small wallet sell-offs.
Santiment's data reveals that small Bitcoin wallets have been shedding their holdings in recent weeks. Over 182,000 holders sold their BTC in the past week alone, with wallets holding under 0.1 BTC reducing their holdings by 0.46%.
Source: Santiment
Institutional Accumulation Signals Bullish Trend for Bitcoin
Despite small wallet sell-offs, larger investors or institutions continue to accumulate BTC. Wallets holding 1,000 or more BTC have seen an increase in volume recently, reflecting a bullish accumulation pattern.
Bitcoin's exchange netflow indicates a significant negative volume, reaching its highest since December 2023. This suggests more BTC is being withdrawn from exchanges than deposited, indicating ongoing accumulation despite small sell-offs.
Source: CryptoQuant
BTC Price:At the time of writing, the trading price of BTC is $69,364.