Retail and Whale Divergence in the Bitcoin Market: Large Buyers Needed for Sustainable Rally

Divergence Between Small and Large Investors As the Bitcoin price fluctuates around the $67,000 mark, on-chain data reveals a significant divergence between different investor groups.
Recent activity shows a notable increase in retail investor participation, pushing their share of the total supply to its highest level since mid-2024.
While small-scale buying provides some support, the lack of participation from larger entities remains a point of concern for those looking for a definitive bull market.
Whales Remain on the Selling Side In contrast to small investors, "whale" and "shark" wallets—those holding between 10 and 10,000 BTC—have reduced their positions by approximately 0.8% during the same period.
These large holders are typically seen as the primary drivers of market direction due to the sheer volume of capital they control.
According to market analysts, this current landscape points toward volatile and fragile price movements rather than a strong, lasting rally.
While retail momentum can create short-term price action, experts emphasize that a sustainable rally requires large-scale wallets to return to the buying side of the order book.
Were the Dips Used as Buying Opportunities?
When the price experienced a sharp pullback toward the $60,000 level earlier this month, Glassnode data indicated that investors in the 10–100 BTC range viewed the decline as a buying opportunity.
This specific cohort showed resilience by accumulating during the dip.
However, when examining a broader dataset, the net position of the largest wallets has remained in negative territory since the peak levels seen in October.
This suggests that while some mid-tier holders are buying, the most influential market participants are still waiting for clearer signals or lower prices before committing to significant new positions.