According to cryptocurrency sentiment platform Santiment, enormous Bitcoin holders now control the smallest share of the cryptocurrency’s supply since behind schedule May, when it regained $100,000 for the first time after more than three months.

Saintly sent on Thursday to X that “whale and shark wallets” holding between 10 and 10,000 Bitcoin (BTC) fell to their lowest level in nine months, collectively accounting for about 68.04% of the total Bitcoin supply.

“This includes a decline of -81,068 BTC in the last 8 days alone,” Santiment stated as Bitcoin’s price dropped from around $90,000 to $65,000 over the same period, a decline of around 27%. According to to CoinMarketCap. At press time, Bitcoin was trading at $64,792, down from a 24-hour low of just over $60,000.

Cryptocurrency market participants often monitor enormous Bitcoin holders to detect signs of accumulation or relief, as these moves can signal whether the whales believe the asset has peaked or is ready for an uptrend.

It’s not just enormous Bitcoin holders who are showing signs of caution. CryptoQuant CEO Ki Young Ju sent to X on Wednesday that “every Bitcoin analyst is bearish right now.”

Crypto fear and greed Indexwhich measures overall cryptocurrency market sentiment, fell to 9 out of 100 on Friday, its lowest score since mid-2022, when the market was reeling from the collapse of the Terra blockchain.

While there was a sell-off among enormous holders, retail investors were aggressively accumulating shares. Santiment said: “This combination of key sales and retail purchasing stakeholders is what historically creates bear cycles.”

Related: Bitcoin falls below 64 thousand dollars as record sales intensify: where is the bottom?

“Shrimp wallets,” which Santiment defines as wallets holding less than 0.1 Bitcoin, hit a 20-month high since June 2024, when Bitcoin was trading at around $66,000 before falling to $53,000 just two months later in August.

However, by December 2024, it reached $100,000 for the first time in a booming market following Donald Trump’s victory in the US presidential election.

This cohort currently represents 0.249% of the total Bitcoin supply, equivalent to approximately 52,290 Bitcoins.

Warehouse: Important questions: Should you sell your Bitcoin for nickels for a 43% profit?

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