PANews reported on February 6 that Santiment published an analysis stating that Bitcoin recently experienced a sharp drop, with the price falling to $60,001 for the first time since October 2024. The driving factors behind this may be related to the withdrawal of major players and retail investors taking over the losses.

Current market data shows that the holdings of "whale" and "shark" wallets (medium to large holders) with 10 to 10,000 Bitcoins have dropped to 68.04%, a nine-month low. In just the past eight days, this group has sold off as much as 81,068 BTC. Meanwhile, the holdings of retail wallets with less than 0.01 Bitcoins have risen to 0.249%, a 20-month high. This continued buying by smaller wallets reflects retail investors' refusal to give up and their enthusiasm for "buying the dip."

This combination of "large investors selling off and retail investors buying in" is a typical characteristic of bear market cycles in history. As long as retail investors do not show obvious signs of "complete capitulation," institutions and large investors will continue to be happy to sell their holdings and will not be in a hurry to buy them back, until the public completely loses confidence in cryptocurrencies and leaves the market.