I see from the data that retail investors are aggressively buying Bitcoin even though we have been stuck in the $60K zone for weeks. The number of small wallets (under 0.1 BTC) has increased by 2.5% since the October peak, reaching the highest levels since mid-2024. It’s interesting because this indicates solid retail demand.

But here’s the catch – while small investors are buying, large whale holders (10-10,000 BTC range) are actively distributing. Their positions have decreased by around 0.8% since October. These are the 10 images of the market divergence I’ve been seeing lately – retail buying pressure versus whale selling pressure.

So what’s happening? Retail is providing the foundation for momentum, but for a real rally to succeed, big players need to participate. If whales continue to distribute on each bounce, each recovery will only be bought by the same group that should be providing structural demand. I see this as a concerning pattern.

On February 5, BTC dropped to $60K (over 50% from October highs), but the Glassnode accumulation score reached 0.68 – the strongest broad-based reading since late November. Mid-sized wallets (10-100 BTC) became aggressive buyers on the dip. So there’s a clear shift from capitulation toward synchronized buying.

Now, realized losses have decreased to around $400M daily from $2B peak, suggesting forced selling is easing. The profit-to-loss ratio has risen to 1.4, meaning realized gains are now larger compared to realized losses.

Bottom line: Retail is doing their part. They are here and accumulating. The question now is whether big holders will stop distributing or reverse their direction. Without that, each rally will only be bought by the same whales, which defeats the purpose. The market is just waiting for the next move from major players.