I just reviewed the data from Santiment about what happened with Bitcoin between late February and early March, and the dynamics were quite interesting. While the price fluctuated between $62,900 and $69,600, small buyers were actively accumulating, but the whales (those wallets with 10,000 to 10,000 BTC) did exactly the opposite: they sold after the price hit $74k. It’s the typical market game where some buy when others sell.

What caught my attention most was that after that $74k peak, these whales liquidated approximately 66% of what they had recently purchased. Meanwhile, smaller holders (less than 0.01 BTC) continued increasing their positions. The fear index dropped to 12, so the market was in total panic. Spot Bitcoin ETFs also had their worst day in three weeks with outflows of $348.9 million. Everything pointed to the fact that the bottom level had not yet been confirmed.

Now, the price moved from that high toward the $60k-$68k zone, and many analysts pointed out that the $67k-$68k region was critical. If that gave way, we would likely see deeper support tests. The interesting part is that this divergence between what retail traders and whales are doing typically precedes more volatility. Small buyers remain convinced there is value, but the big players are being cautious.

Since then, the market has shown that when such imbalance occurs, you need a real catalyst for something to truly move. It could be macro news, regulatory moves, or simply flows back into ETFs. Meanwhile, the battle at those support levels remains the confirmed bottom level that the market is trying to validate. The next moves will depend on whether retail demand holds or finally also cedes.