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Crypto Potato 2025-06-20 10:32:47

Bitcoin’s ‘Elite’ Wallets Rise by 231 as Retail Sentiment Declines Sharply

Bitcoin remains steady above the crucial $100K threshold as it traded just 6% below its all-time high of $111.8K. While this price strength amidst geopolitical concerns, global trade tensions, and seasonal sluggishness might suggest increased on-chain activity, a clear disconnect has started to form on the network. In fact, Bitcoin wallets are showing a substantial divergence as the leading crypto asset’s price hovers above. Elite Wallets Rise Over the past 10 days, the number of “elite wallets” holding 10 or more BTC has increased by 231, a 0.15% rise, according to Santiment’s latest analysis . On the other hand, retail wallets holding between 0.001 and 10 BTC have dropped by 37,465. Historically, rising whale accumulation paired with falling retail confidence has indicated bullish momentum ahead for the broader crypto market. Meanwhile, Glassnode made a similar observation and revealed that the Bitcoin network is seeing fewer transactions but larger ones, as settlement volumes rise despite a dip in total transaction count. This pattern implies that big players, such as institutions or high-net-worth individuals, are driving current on-chain activity and have replaced smaller retail movements with high-value transfers. Beyond reduced participation, sentiment among retail investors has turned sharply negative. Bullish-to-bearish comment ratios have dropped to 1.03, which happens to be the lowest since April 6th, during peak fear around tariff concerns. Historically, such pessimism has often signaled a price rebound, as markets tend to move against prevailing retail sentiment. Bitcoin’s Ownership Landscape Only a small group of large buyers – mainly ETFs, corporate treasuries, and funds – are absorbing supply. This has resulted in a “plateau” in new wallet creation and reduced transactional activity. Matrixport said that Bitcoin is increasingly viewed as a store of value rather than a spending tool. The market is now seeing the distribution of supply from early miners and mega whales to newer institutional whales. With minimal new retail capital entering the space, these two groups dominate market influence. Despite the bullish ETF narrative, the real test lies ahead – if selling pressure continues to meet ETF demand, the current market lull could break dramatically in either direction. The post Bitcoin’s ‘Elite’ Wallets Rise by 231 as Retail Sentiment Declines Sharply appeared first on CryptoPotato .

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