Santiment: The current market shows large whales selling off while retail investors are buying, which typically indicates that the pullback is not yet over

Retail investors have made significant purchases as Bitcoin dropped below $70,000, but the crypto sentiment platform Santiment indicates that if historical patterns repeat, whale activity suggests that prices may still decline further.

In a report on Friday, Santiment stated: When Bitcoin reached $74,000, these key stakeholders began to take profits.

Santiment explained that whales holding between 10 and 10,000 Bitcoins "accumulated heavily" between February 23 and March 3, when Bitcoin was trading between $62,900 and $69,600.

Since Bitcoin broke through $70,000 and reached $74,000 on Wednesday, this group has sold about 66% of their recent purchases. Meanwhile, retail investors holding less than 0.01 Bitcoin have been increasing their positions.

"When retail buys while whales sell, it typically indicates that the pullback is not over," Santiment stated.