Bitcoin’s on-chain data shows a clear divide between large holders and small retail wallets as prices pull back. Santiment data shows Bitcoin slipped to about $89,400 while whales continued steady accumulation. This shift appeared as gold and silver surged and market volatility increased. The data reflects diverging behavior during heightened geopolitical and macroeconomic uncertainty.
Santiment’s on-chain metrics track Bitcoin wallets over time and compare accumulation trends with price movements. Wallets holding between 10 and 10,000 BTC increased their holdings by 36,322 BTC over nine days. This gain represents a 0.27% increase in the total Bitcoin supply held by these wallets.
The chart shows the green accumulation line for large holders trending higher despite renewed price weakness. Bitcoin traded below $90,000 while whale and shark wallets continued adding exposure. This pattern remained consistent throughout the nine-day period.
Santiment stated that optimal breakout conditions often emerge when large investors accumulate while retail exits positions. Despite geopolitical uncertainty, the firm noted that the current wallet behavior reflects a long-term bullish divergence forming beneath price action.
Small retail wallets followed an opposite trend during the same timeframe. Wallets holding under 0.01 BTC reduced holdings by 132 BTC over nine days. This decline equals a 0.28% drop in the supply controlled by retail participants.
The chart labels this movement as small retail money exiting the market. Selling pressure from smaller holders remained visible as Bitcoin prices weakened. The divergence between large and small wallets widened as the period progressed.
Last week, CryptoQuant CEO Ki Young Ju said that retail participation had left Bitcoin markets while whales continued buying. This statement aligns with Santiment’s wallet data showing consistent accumulation by larger holders.
Bitcoin volatility has increased since Donald Trump’s inauguration in January 2025. Price swings followed tariff discussions from the US president. On Monday, Bitcoin fell nearly 7% after Trump discussed tariffs on eight European countries tied to Greenland negotiations.
At the same time, Santiment reported one of the highest spikes in Bitcoin-related social media discussions. Comparisons with gold and silver increased as metals reached new all-time highs amid geopolitical tension.
Market sentiment indicators reflected caution. The Crypto Fear and Greed Index posted a fear score of 32 on Tuesday. The Altcoin Season Index indicated a Bitcoin score of 29 out of 100 based on recent relative performance.
CryptoQuant data pointed out yet another crucial change. Net losses were recorded by Bitcoin holders over 30 days for the first time since October 2023. The realised profit and loss metric that had been hovering around and above zero thus far dropped below it and confirmed the selling of high-priced tokens, at least in part.
Julio Moreno, the head of the research team at CryptoQuant, stated that holders have been losing since the end of December. In the meantime, Glassnode's specialists have explained that new investors have an average entry price of around $98,000. While Bitcoin is below this threshold, it is still unprofitable to sell, which inevitably brings up one of the most important questions regarding the timing of the buyer momentum's return.
Read More: Bitcoin Slides as Trump Tariff Threats Trigger Global Market Jitters
Santiment data shows Bitcoin whales adding 36,322 BTC as retail wallets sell during a price pullback to $89,400. At the same time, sentiment indicators show fear, and recent buyers face losses. The divergence suggests large holders are positioning during volatility rather than reacting to short-term price weakness.