Who’s Selling Bitcoin Today? Retail Traders, Not Whales, Are Fleeing

Bitcoin has recently seen a noticeable sell-off, leaving many wondering what’s driving the drop. Rising economic uncertainty and renewed concerns over Trump-era tariffs have stirred fears of a trade war. But the big question is: who’s actually selling? Is it large institutions pulling back, or are smaller investors driving the pressure?

Let’s dive into the details.

Who’s Causing the Bitcoin Sell-Off?

According to analyst @Crazzyblockk, featured by CryptoQuant, the recent decline in Bitcoin isn’t being driven by whales or long-term holders. Instead, the main selling pressure is coming from small to mid-sized traders—often called shrimps and sharks—and investors who have only held Bitcoin for a short time.

This kind of sell-off is common during volatile periods and is referred to as a “shakeout.” It usually happens when less experienced traders panic and sell before the market bounces back.

CryptoQuant data shows that over the past 15 days, short-term holders have been sending around 930 BTC per day to exchanges. That’s nearly double the 529 BTC per day moved by long-term holders. This suggests that the recent selling is mostly due to short-term fear or profit-taking, while long-term investors are holding firm and staying confident.

Wallet Cohort Breakdown

Looking at different wallet groups, the biggest selling has come from smaller holders. Here’s the breakdown:

• Shrimps (holding less than 1 BTC) sold about 480 BTC per day
• Sharks (holding 100 to 1,000 BTC) sold around 402 BTC per day
• Fishes (holding 10 to 100 BTC) sold roughly 341 BTC per day

Meanwhile, whales (holding over 1,000 BTC) only sold about 70 BTC per day. This indicates that the largest holders are not panicking and are likely holding onto their positions.

Even though Bitcoin’s price has dipped and the market seems unstable, this doesn’t appear to be a major sell-off by long-term investors. It’s mainly the mid-sized holders who are reacting emotionally and choosing to exit. This points to continued confidence from long-term holders, who seem unfazed by the recent price action.

Most Investors Still in the Red

Analyst Ali Martinez shared a chart on X showing how profitable different Bitcoin holders currently are. The chart divides wallets into three categories: those in profit, those at a loss, and those near their original buying price.

Here’s what it shows:

• About 35% of Bitcoin addresses, holding 1.27 million BTC, are in profit
• Over 60% of addresses, holding 2.26 million BTC, are currently at a loss

Despite most holders being in the red, many are still holding on, suggesting they expect prices to recover in the long run.

Key Bitcoin Price Levels to Watch

Martinez also pointed out two important price zones where Bitcoin is currently stuck: $81,440 and $86,430. These levels often act as resistance and support, meaning selling pressure tends to increase near them. If Bitcoin breaks above $86,430, it could spark a rally. But if it falls below $81,440, we could see a deeper decline.

Bitcoin briefly showed signs of a rebound, but the rally was cut short after Federal Reserve Chair Jerome Powell warned that Trump-era tariffs could lead to higher inflation and slower economic growth. His comments rattled the markets, and Bitcoin quickly dropped by 2.5%, now trading around $84,761.

What Should You Do With Your Bitcoin?

This latest Bitcoin dip isn’t being caused by long-term investors losing faith. It’s mostly short-term and mid-sized holders reacting to market noise. Meanwhile, the whales and long-term players are staying calm. As Bitcoin moves within a narrow range, traders are now watching closely to see whether it will break out or continue its sideways movement.