Despite Bitcoin's price dipping to around $60,000, retail investors are actively entering the market to buy the dip, strengthening the buying pressure below. According to on-chain data analysis platform Santiment, since Bitcoin broke through $70,000 and briefly touched $74,000, large holders (whales) have sold off about 66% of their recent purchases. Meanwhile, small investors holding less than 0.01 Bitcoin continue to accumulate, indicating a stronger buying intent.
However, Santiment warns that the current market sentiment remains uncertain. Historical data shows that when whales continue to net sell while retail investors buy against the trend, it often signals that prices still face downward pressure. Since Bitcoin's decline from its all-time high of $126,000, the $60,000 region has repeatedly served as a short-term support level, with some analysts believing this price point may represent an important psychological barrier in the near term.
Additionally, the spot Bitcoin ETF recorded its largest outflow in nearly three weeks, further confirming that institutional players remain cautious. In the short term, the market may experience a tug-of-war between retail buying and whale selling pressure, with price movements still reliant on sentiment dynamics and liquidity changes.