Calm on the Bitcoin market worries certain traders, the consolidation of prices shaking up confidence and fueling fear among private investors, many of whom withdraw, expecting a decline, but some experts consider this calm as a bull signal.
In short
- The feeling of individuals is shared, with a little more traders expecting a drop in prices.
- The whales now dominate the volume, with large transfers representing 89 % of the activity.
- The number of portfolios holding 10+ BTC increases while small wallets fall sharply in 10 days.
- The index of fear and greed goes from 70 to 54, signaling an uncertainty of the market.
The lowering bias increases in the middle of mixed market signals
The Blockchain Santiment analysis company said on Wednesday that opinions are currently shared on social networks: half of the traders think that Bitcoin will go up, while the other half expects a drop.
However, a little more people feel negative than positive. According to Santiment, there are now 1.03 lowering comments for each bullish comment. It is the lowest level since April 6, when the traders were concerned about global customs duties.
Although the feeling of individuals decreases, Santiment noted that the markets often move in the opposite direction of the crowd.
Historically, the markets evolve in the direction opposed to the expectations of individuals. A striking example was the optimal purchase moment during the collective fear of early April.
Santly
At the same time, the fear index and greed of Bitcoin fell to 54, signaling a state of the neutral market. It was 70 just a month ago, reflecting strong optimism. This decline shows a change of feeling, with the confidence that is erased and a clear direction absent.
Bitcoin remains solid despite a quiet network
Despite the drop in feeling, the price of bitcoin has remained closed above the key bar of $ 100,000, although Glassnode data show that On-chain activity does not follow the pacesignaling a possible change in the way Bitcoin is used and by whom.
What the bitcoin market tells us:
- Bitcoin remains strong above $ 100K, but the overall network of the network remains moderate.
- Monetary transactions are stable, showing constant transfers of value over the past year.
- Non -monetary actions exploded at the end of 2024, but suddenly fell in early 2025.
- The average daily regulations remain high at $ 7.5 billion, despite a drop in the total number of transactions.
- Large transfers now represent 89 % of the volume, showing that the whales dominate on-chain activity.
Small investors withdraw while whales accumulate
While the network is calmer, the divergence of behavior between individuals and institutional people becomes more obvious.
Santiment reported that in the last 10 days, the number of portfolios with 10 or more bitcoins increased by 231, an increase of 0.15 %.
On the other hand, the portfolios with sales between 0.001 and 10 Bitcoins dropped by 37,465, reflecting the same percentage variation in the other direction.
This scheme suggests that while small investors withdraw, the big holders buy. Santiment noted that this type of behavior has often led to a recovery of the market.
When large portfolios accumulate while individuals lose confidence, it is historically the perfect combination for the upper dynamic inevitably returning to the crypto markets.
Brian Quenti, Marketing Director at Santiment
Ethereum shows a similar trend. According to Lookonchain, a large investor, identified as 0x9992 portfolio, borrowed USDT 10 million on the AAVE loan platform.
The funds were used to buy 3,983 ETH at a unit price of $ 2,510.64. This is another sign that the great actors are always interested in crypto.
Santiment added that there are now 6,392 portfolios holding between 1,000 and 100,000 ETH. Just last month, these portfolios added a net total of 1.49 million Eth, a sign of confidence in Ethereum network growth and whale accumulation trends.
This represents a 3.72 % increase in their assets. These large Ethereum portfolios now control 26.98 % of the total offer.
This change in behavior shows an increasing gap between daily traders and large investors. While small holders sell and take advantage, institutional actors consider the current market as an opportunity to buy.
They seem to intervene while prices are stable and the feeling remains uncertain. If the past patterns are confirmed, this period of calm, with the accumulating whales and the special traders withdrawn, could prepare the ground for the next increase.
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