PiCK

[Analysis] "Retail investors keep buying Bitcoin…a rally needs institutional demand"

Uk Jin

Summary

With Bitcoin (BTC) repeatedly moving up and down around the $60,000 level, the analysis says that participation by large investors is needed for a sustained rally.
According to Santiment data, the number of small wallets holding less than 0.1 BTC rose 2.5%, and the share of total supply held by retail wallets is at its highest level since mid-2024.
Meanwhile, whales and institutional investors holding 10 to 10,000 BTC cut their holdings by 0.8%, and the report said that in this environment Bitcoin cannot maintain a stable uptrend and that a rally needs buying from large investors to back it up.

As Bitcoin (BTC) continues to fluctuate around the $60,000 level, analysis suggests that participation by large investors is needed for a sustained upswing.

On the 21st (Korea time), cryptocurrency news outlet CoinDesk, citing data from on-chain analytics firm Santiment, reported that the number of small wallets holding less than 0.1 BTC has risen 2.5% since October last year. The share of total supply held by these small-investor (retail investor) wallets is at its highest level since mid-2024.

By contrast, so-called whales—large or institutional investors holding between 10 and 10,000 BTC—were found to have reduced their holdings by 0.8% over the same period.

CoinDesk’s analysis is that under these conditions, Bitcoin cannot sustain a stable uptrend. CoinDesk explained, "Retail buying can secure short-term downside support, but a rise requires underlying demand from large investors."

BTC