Retail Bitcoin Wallets Boost Holdings as Whales and Sharks Cut Exposure Since October Peak

Small Bitcoin wallets holding less than 0.1 BTC have expanded their balances by about 2.5% since October's all-time high, pushing their share of total supply to the highest level since mid-2024, on-chain data provider Santiment shows. Over the same period, the combined holdings of larger "whale and shark" wallets with 10 to 10,000 BTC have fallen roughly 0.8%, a structural split that analysts say tends to coincide with choppy, range-bound price action around the mid-$60,000 area. Glassnode previously reported its "Accumulation Trend Score" climbed to 0.68 as addresses with 10 to 100 BTC bought the dip near $60,000, while Santiment's broader metrics still show big wallets in net selling mode since October. Market participants cited by CoinDesk say retail demand is present and can offer some downside support and short-term momentum, but sustained recovery would require large holders to halt distribution and ideally move back into net accumulation.