Who Controls the Bitcoin Market: Retail Takes Profits, Whales Accumulate

Retail investors remain optimistic about Bitcoin, but according to Santiment analysts, their influence is shrinking. As more BTC gets absorbed by institutional and ultra-wealthy players, long-term strategies—not short-term hype—are shaping the crypto market. Who really moves the needle? Let’s find out.

Who Controls the Bitcoin Market: Retail Takes Profits, Whales Accumulate

Despite the optimism from retail investors, analysts at the market intelligence platform Santiment believe they remain "small fish in a big pond." 


Their strategies are often dictated by the actions of wealthier players, who continue to accumulate Bitcoin regardless of its current price.


In a recent market update, Santiment emphasized that Bitcoin (BTC) is becoming increasingly integrated into national and corporate financial strategies. A key milestone in this shift was the announcement by U.S. President Donald Trump of the creation of a strategic Bitcoin reserve—placing BTC alongside gold and oil as a long-term store of value.


Since Trump’s announcement, institutional adoption of crypto has accelerated. Several U.S. states, including New Hampshire, are now legally permitted to use public funds to purchase cryptocurrencies and precious metals.


On the corporate front, business intelligence firm Strategy recently added $1.34 billion worth of BTC to its holdings, while Japanese hospitality group Metaplanet invested an additional $126 million. Both firms have shown consistent accumulation regardless of market fluctuations.


Retail behavior contrasts sharply. Many small investors tend to take profits during rallies, contributing to a redistribution of BTC from individuals to institutions. This, Santiment argues, amplifies the influence of large holders.


Most small traders and miners are compelled to sell at least part of their holdings to cover daily expenses. Meanwhile, the ultra-wealthy can afford to hold and accumulate long-term.


Currently, wallets holding less than $1 million worth of BTC (roughly under 10 BTC) account for only 17.5% of all coins in circulation. Wallets with 10 or more BTC control the remaining 82.5%. According to Santiment, addresses holding 10–100 BTC are considered small institutional players, while those with 10–10,000 BTC represent large institutions and liquidity providers.


This latter group now holds more than two-thirds of all BTC in existence—clear evidence that long-term, deep-pocketed investors are taking control of the market.




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