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Big Bitcoin Holders’ Supply Dips to 9-Month Low

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Large Bitcoin holders are tightening their grip on the market while the smallest buyers surge in a contrasting trend, highlighting a bifurcated on-chain landscape as traders weigh whether the current pullback has run its course. New data from the sentiment analytics firm Santiment shows that the total share of the supply controlled by whales—wallets holding between 10 and 10,000 BTC—has slid to a nine-month low. At the same time, the same period has seen a sharp drawdown in the number of coins held by these large holders, underscoring a wave of offloading that accompanied a sizable price retreat.

Bitcoin (CRYPTO: BTC) has been a focal point for on-chain watchers, with Santiment reporting on X that whale and shark wallets collectively owning a dominant slice of the supply have fallen to roughly 68.04% of all BTC. The firm highlighted a dramatic dump of 81,068 BTC in an eight-day window, a move that coincided with a slide in price from around $90,000 to roughly $65,000—a decline of about 27% in short order. At the time of publication, the asset traded near $64,792, having touched a 24-hour low just above $60,000.

Bitcoin large wallet holders appear to be offloading aggressively. Source: Santiment

Market participants frequently monitor the behavior of big holders to gauge whether the asset is peaking or set for an uptrend. In this cycle, the on-chain dynamic appears to be tilting toward caution among the largest entities, even as a different cohort—retail investors—picks up the pace elsewhere in the ecosystem.

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Evidence of a broader mood shift emerged as Ki Young Ju, the CEO of CryptoQuant, posted on X that “every Bitcoin analyst is now bearish,” a sentiment mirrored by the widely watched Fear & Greed Index. The index’s Friday reading landed at 9 out of 100, its lowest level since mid-2022 when anxiety spiraled in the wake of the Terra collapse. The downgrade in sentiment comes as institutions and individuals reassess exposure in a market characterized by heightened volatility and regulatory chatter.

The split in on-chain behavior—whales trimming exposure while retail buyers maneuver into positions—arrives amid a historical backdrop. The Fear & Greed gauge, which aggregates multiple data points to measure market sentiment, has repeatedly shown that extremes can precede sharp reversals, though they do not by themselves guarantee a bottom. This pattern—whales selling into uncertainty while smaller buyers accumulate—has historically appeared during bear phases, suggesting that the current configuration could sustain a prolonged period of price consolidation. Index

Meanwhile, a separate part of the on-chain narrative concerns the so‑called “shrimp wallets”—addresses with less than 0.1 BTC. These micro-holders have climbed to a 20-month high, a trend that Santiment notes has persisted since June 2024, when Bitcoin traded near $66,000 before dipping to the $50s later that year. The uptick in shrimp wallets indicates a renewed grassroots interest among smaller participants, a development that often accompanies a more distributed demand profile and can complicate attempts to chart a clear macro top or bottom.

Historical context also looms large: Bitcoin briefly reached the $100,000 milestone in December 2024 amid a wave of speculative exuberance and a political pivot in the United States, a reminder that sentiment can swing in cycles even as on-chain fundamentals evolve. As of the latest readings, the cohort of these small holders represents about 0.249% of the total supply, amounting to roughly 52,290 BTC. This pinpoints an ever-narrowing window for the top-tier holders relative to the broader supply base, even as the market navigates a patchwork of macro headlines and shifting liquidity conditions.

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Bitcoin price performance over 12 months

Bitcoin is down 29.62% over the past 12 months. Source: CoinMarketCap

As the market digests these on-chain signals, traders are watching the price action with heightened sensitivity. The current price level—roughly mid‑$60,000s—positions BTC in a range that is susceptible to both macro risk-off moves and any rapid shifts in liquidity. The discordant signals from different market segments—whale selling versus retail accumulation—could prolong a period of consolidation, especially if macro data or regulatory headlines tilt risk appetite in either direction. The ongoing divergence also raises questions about the durability of any potential countertrend rally until whales either re-enter or their offloading abates meaningfully.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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Oil Rose 3% to Open the Week: Here’s What Moved the Market on Monday

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Oil prices jumped more than 3% on Monday, pushing Brent crude above $116 a barrel. West Texas Intermediate (WTI), the US benchmark, climbed to roughly $102 per barrel.

The latest rise comes as the US-Israel war on Iran entered its fifth week with no signs of abating.

Oil Extends Its War-Fueled Rally 

Several escalatory developments over the weekend fueled the surge. President Donald Trump told the Financial Times he could possibly seize Kharg Island, the terminal that handles roughly 90% of Iran’s crude exports.

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The US president struck a mixed tone on diplomacy with Iran, saying he was “pretty sure” of making a deal with Iran but conceding that talks could still collapse.

Meanwhile, Iran’s parliament speaker warned that Tehran would “set them on fire” when American forces arrived and promised consequences for US-allied nations in the region. 

The oil price surge is far from over, according to market analysts, who warn that the prolonged closure of the Strait of Hormuz could drive crude even higher.

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“A scenario in which the Strait remains closed for an additional month would be consistent with oil prices rising towards $150/bbl and constraints on industrial consumers of energy supply,” Bruce Kasman, global head of economics at JPMorgan, said.

According to Bloomberg, US officials and Wall Street analysts have also begun discussing the possibility of crude reaching $200 per barrel.

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Asian Stocks Tumble, Crypto Feels the Pressure

The energy shock rippled across Asia. Google Finance data showed that Japan’s Nikkei 225 fell over 4.5%, while South Korea’s KOSPI dropped more than 4.3% as import-dependent economies repriced risk.

The volatility has spread to crypto markets, with asset prices dipping early in the morning before rebounding. 

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“The market briefly crashed just now — ETH dropped below $1,940 and BTC fell below $65,000,” Lookonchain reported.

Oil above $100 per barrel continues to pressure risk assets by fueling inflation expectations and delaying anticipated Federal Reserve rate cuts.

The post Oil Rose 3% to Open the Week: Here’s What Moved the Market on Monday appeared first on BeInCrypto.

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Lido DAO Mulls $20M LDO Buyback to Boost Token Price

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Lido DAO Mulls $20M LDO Buyback to Boost Token Price

Lido’s decentralized autonomous organization is considering a one-off $20 million buyback of its governance token to address so-called price dislocation, which is at “historically depressed levels” relative to Ether, according to the DAO. 

The proposal, submitted Friday, seeks permission to swap 10,000 Lido Staked Ether (stETH) tokens, currently worth $20 million from the DAO’s treasury for Lido DAO (LDO), arguing that LDO is undervalued.

“This is not a routine fluctuation. It represents one of the most significant dislocations between LDO’s market price and its underlying protocol fundamentals in the token’s history.”

A token buyback of this size could boost the price of the token, which has fallen roughly 96% from its all-time high. In November, a Lido DAO member pitched an automated buyback mechanism for LDO to improve the token’s price. However, that proposal hasn’t been implemented.

LDO’s change in price relative to ETH since 2024. Source: Lido DAO

Lido DAO pointed out that LDO is trading at a steep discount to Ether (ETH) at a ratio of 0.00016, roughly 63% below its two-year median.

This is despite the protocol holding the top spot of the Ethereum liquid staking market, with a 23.2% share of staked Ether, according to Dune Analytics data. The protocol’s dominance has even been flagged as a centralization risk to the network in previous years.

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Share of Ethereum network validators. Source: Dune Analytics

Related: Ethereum builders propose ‘economic zone’ to tackle L2 fragmentation 

LDO is currently trading at $0.30, down 95.9% from its $7.30 high set in August 2021, according to CoinGecko data. LDO’s $255 million market cap makes it the 141st largest token by value at the time of writing.

“That dislocation is not justified by a proportional deterioration in protocol performance,” Lido DAO said. 

Lido DAO proposes buying stETH in batches

Lido DAO proposed buying up to 10,000 stETH in smaller batches of 1,000 to buy LDO. 

Lido DAO said it would use limit orders or adopt a dollar-cost averaging strategy to avoid market volatility. 

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