Who’s Really Selling Bitcoin? Insights into Retail and Whale Activity

Analysed data shows that retail and short-term holders significantly oversell Bitcoin compared to whales. Short-term holders sold an average of 930 BTC daily, while whales sold only 70 BTC. This indicates less activity from larger players. Additionally, Bitcoin remains in a broader uptrend despite recent volatility, with price trends suggesting possible future increases pending improved whale activity.

Recent data reveals that smaller Bitcoin holders significantly outpace larger investors in selling activity. Shrimps and sharks, small to mid-sized wallets, collectively sold over 1,300 BTC daily, whilst whales, or those holding over 1,000 BTC, only offloaded 70 BTC per day. This indicates a shift in market dynamics, proving that it is primarily retail and short-term holders who are currently influencing Bitcoin’s sell pressure.

Short-term holders (STHs) sold an average of 930 BTC daily, compared to 529 BTC by long-term holders (LTHs). This growing trend signifies that less experienced investors are liquidating their holdings more rapidly, particularly during market downturns. The increased volatility of Bitcoin prices from October 2024 to mid-December 2025 correlates with the heightened selling by short-term holders.

Analysis shows that smaller wallets play a crucial role in exchange inflow patterns. Since early April 2025, shrimps, defined as wallets holding less than 1 BTC, accounted for about 480 BTC sold daily. Crabs (1-10 BTC) contributed approximately 102 BTC, while fish (10-100 BTC) sold around 341 BTC, and sharks (100-1,000 BTC) moved 402 BTC daily. This hefty selling from smaller holders contrasts with the minimal activity from whale wallets, revealing their comparative caution at this time.

The recent decrease in whale holdings, which fell by about 30,000 BTC over a week in April 2025, highlights a slowdown in whale accumulation—the slowest since February 2024. Despite this lack of aggressive selling, it signals reduced involvement from larger investors, paired with less bullish sentiment in the market.

Notably, Bitcoin remains in a broader uptrend even amidst selling pressure, forming higher highs and lows. Although the price dipped to near $75,000, it holds within an established trendline from 2023, which has supported previous price movements. Additionally, the RSI has held steady, suggesting positive momentum and the potential for upward movement if retail selling decreases and whale participation increases.