I noticed an interesting pattern in the latest Santiment data. It turns out that all the hype about Bitcoin reaching $150-200k is gradually dying down on social media, and this is actually a good sign. When people stop shouting about a quick surge and the price becomes a less hot topic, it often indicates that the market is transitioning into a healthier state. FOMO is beginning to retreat, and people are thinking more rationally.

But here’s the interesting part — retail investors with small holdings (less than 0.01 BTC) are buying on every dip like clockwork. Meanwhile, large holders with 10-10,000 BTC have mostly been selling and taking profits over the past month. The picture looks strange: retail is trying to compensate for the outflow of big money, but without real activity growth in the ecosystem, such an impulse rarely leads to long-term growth.

According to analysts’ forecasts, a consolidation period is ahead. The price is likely to fluctuate within a relatively calm range until a serious catalyst appears — macroeconomic events, regulatory decisions, or technological breakthroughs. Most, judging by social media and on-chain metrics, prefer to wait it out. The catalyst could be anything, but without it, the Bitcoin market seems to be stuck in a prolonged waiting mode.