I noticed an interesting pattern in Santiment data — it seems that major Bitcoin holders played us last week. Whales were actively buying during the panic drop at the end of February, when the price fell below $70,000, and then started selling their positions as BTC surged to $74,000. A classic panic entry, exit into a rally.

Retail investors, on the other hand, continued buying on the way down. This usually indicates that the correction is not over yet. When big players sell and small investors buy, it’s not a very good sign. Currently, Bitcoin is trading around $71,700, but about 43% of all coins are in loss. This creates pressure — every time the price rises, all these people want to break even rather than wait further.

The fear index has dropped to 12 — extreme fear, the lowest in recent months. Whales are clearly betting on a more serious support test around $60,000 rather than a breakout above $74,000. If that happens, retail investors will exhaust their capital, and the pressure will decrease. For now, volatility is huge, but the net movement is almost zero — up and down, but nowhere.