Crypto: Bitcoin Dip May Not Be Over As Retail Ramps Up Buying Below $70k:...

Bitcoin whales have sold about 66% of the Bitcoin they recently accumulated since Wednesday, according to crypto sentiment platform Santiment. Retail investors have been scooping up Bitcoin after it slipped below $70,000, but whale activity suggests the price could still head lower if past patterns repeat, according to crypto sentiment platform Santiment. “The moment Bitcoin hit $74k, these key stakeholders began taking profit,” Santiment said in a report on Friday. Santiment explained that whales — those holding between 10 and 10,000 Bitcoin (BTC) — “accumulated heavily” between Feb. 23 and Mar. 3, when Bitcoin was trading between $62,900 and $69,600. Since Wednesday, when Bitcoin climbed past $70,000 and touched $74,000, the cohort has offloaded around 66% of their recent purchases, Santiment said. Meanwhile, retail investors — those holding below 0.01 Bitcoin — have been increasing their positions. “When retail buys while whales sell, it typically signals that the correction is not yet over,” Santiment said. Bitcoin is trading at $67,984 at the time of publication, according to CoinMarketCap. Bitcoin’s price decline led the Crypto Fear & Greed Index to fall 6 points, pushing it further into “Extreme Fear” territory with a score of 12 on Saturday. MN Trading Capital founder Michael van de Poppe shared a similar outlook, saying a further decline is possible. “If Bitcoin doesn't find support in this $67-68K region, then we're likely going to retest the lows for liquidity before bouncing back upwards,” van de Poppe said in an X post on Friday. The decline coincided with US-based spot Bitcoin ETFs posting their largest outflow day since Feb. 12, with a total of $348.9 million in net outflows across the 11 ETF products, according to Farside data. Related: Trump’s National Cyber Strategy pledges to support crypto and blockchain