Bitcoin’s price has been on a downward trajectory, with recent data highlighting a significant dip in market performance. Over the past 30 days, Bitcoin has recorded a negative 14.7% performance. Shorter-term trends also reflect bearish momentum, with 7-day and 24-hour performances dropping by 7.3% and 1.6%, respectively.
Whales and Sharks Reduce Bitcoin Holdings
đ Bitcoin's key stakeholders are showing signs of dumping:
— Santiment (@santimentfeed) March 13, 2025
đł Wallets with 100-1,000 $BTC: -50,625 Bitcoin (-$4.07B) in the past week
đŚ Wallets with 10-100 $BTC: -7,062 Bitcoin (-$567.1M) in the past week
Over the long-term, markets tend to fluctuate with a mid-sized⌠pic.twitter.com/jSioi9mzuS
A key factor driving Bitcoinâs decline is the reduced activity among large holders, particularly whales and sharks. According to Santiment data, Bitcoin whalesâwallets holding between 100 and 1,000 BTCâsold a staggering 50,625 BTC in the past week. This amounts to approximately $4.07 billion at current market prices. As of March 13, these whales accounted for 22.95% of Bitcoinâs total supply.
Similarly, sharksâwallets holding between 10 and 100 BTCâoffloaded 7,062 BTC during the same period, translating to roughly $567.1 million. Shark wallets now hold around 21.77% of the total Bitcoin supply.
The combined sell-off of over $4.56 billion from these two investor groups has coincided with Bitcoinâs continuous price slump, with the asset briefly touching $76K this week.
Bitcoin Network Activity Declines
Adding to the bearish sentiment, IntoTheBlock data shows a decline in Bitcoin network activity. The 7-day Network Activity Change dropped by 3.58%, signaling reduced transaction volumes. Additionally, the 7-day Active Addresses Change decreased by 6.68%, highlighting lower user engagement, while Zero-Balance Addresses Change fell by 4.02%, indicating more wallets being emptied.
Further analysis of Bitcoinâs Ownership Chart reveals a dramatic shift in large holder netflows. Over the past seven days, netflows spiked by 1,213.40%, possibly indicating temporary whale accumulation. However, the 30-day netflow recorded a steep decline of 3,814.02%, confirming a longer-term exit trend among large holders. Similarly, the 90-day netflow showed a drop of 1,172.76%, reinforcing the sustained outflow pattern from whale wallets.
Also Read: Strategyâs Bitcoin Gamble Under Pressure: MSTR Stock Plunges 40% Amid ETF Outflows
Outlook: Bearish Momentum Persists
As Bitcoin struggles with declining whale activity and weakened network engagement, the market remains under pressure. Investors will be watching closely for any reversal signals, but for now, Bitcoinâs bearish momentum appears set to continue.
Disclaimer:Â The information in this article is for general purposes only and does not constitute financial advice. The authorâs views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
