Bitcoin Ownership Split: Retail Investors Buy as Whales Sell

For much of February 2026, Bitcoin (BTC) has been trading around the mid-$60,000s. However, a developing split in coin ownership could significantly shape its future price action. Data from Santiment reveals a divergence between retail and large-scale investors, potentially signaling choppy price movements ahead.

Retail Investors Increase Holdings

The number of wallets holding less than 0.1 BTC – typically associated with retail investors – has increased by approximately 2.5% since Bitcoin reached its all-time high in October 2025. This growth has pushed the share of total supply held by these “shrimps” to its highest level since mid-2024. Santiment first reported this trend.

Whale Activity: Selling Pressure

Conversely, larger holders, known as whales and sharks (wallets holding between 10 and 10,000 BTC), have been selling off their holdings. Since October 2025, these investors have dropped about 0.8% of their total Bitcoin holdings. Cointelegraph highlighted this contrasting behavior.

Implications for Price Action

This divergence often leads to volatile and indecisive price action rather than clear trends. While retail buying can provide a “floor” and short-term momentum, sustained rallies require larger holders to halt distribution and begin accumulating Bitcoin. Without this structural demand, any price increases risk being met with selling pressure from whales.

Recent Market Signals

Earlier in February 2026, after Bitcoin briefly fell toward $60,000, Glassnode’s Accumulation Trend Score climbed to 0.68, the strongest reading since late November 2025, indicating increased dip buying. However, Santiment’s broader analysis complicates this picture. Santiment’s 10-to-10,000 BTC band captures a wider range of large holders, and net positioning since October remains negative.

It’s possible that mid-sized wallets were actively buying during the recent dip, while the largest holders continued to distribute their holdings into any recovery, dragging down the overall aggregate number.

The Key to a Sustainable Rebound

Bitcoin doesn’t necessarily need increased retail participation; it already has it. The critical factor is for the distribution from large wallets to stop, or ideally, reverse. Without this shift, every rally risks being sold into by the very cohort that needs to provide structural demand for a sustained price increase. The retail investors are positioned and waiting for the whales to join in.

Key Takeaways

• Retail investors are accumulating Bitcoin, increasing their share of the total supply.
• Whales and sharks are decreasing their Bitcoin holdings.
• This divergence creates potential for price volatility and hinders the establishment of clear trends.
• A sustainable price rebound requires large holders to stop selling and begin accumulating.