Large bitcoin holders share of supply hits 9-month low amid price drop
Bitcoin’s sharp sell-off this week coincided with a notable on-chain shift: the large bitcoin holders share of supply has dropped to its lowest level in nine months, according to on-chain analytics firm Santiment. The firm said “whale and shark” addresses holding 10–10,000 BTC collectively control about 68.04% of supply after distributing aggressively over the past eight days.
Spot prices reflected the stress. BTC briefly tested ~$60,000 before rebounding toward mid-$60Ks on Friday, Feb. 6 (Asia time), with intraday snapshots on CoinMarketCap showing prints around $64–66K.
Whale exits and retail bids intensify
Santiment reported a net reduction of ~81,068 BTC from whale/shark wallets over eight days, a period that saw bitcoin fall from roughly $90,000 to the mid-$60,000s. The group’s aggregate share slipped to ~68.04%, continuing a distribution trend.
Meanwhile, “shrimp” addresses small retail holders reached a ~20-month high share of supply. Santiment said this mixture of large-holder selling and retail dip-buying has historically aligned with bear-cycle dynamics.
Sentiment: “extreme fear”
The broader mood has soured. The Crypto Fear & Greed Index fell into “extreme fear,” with reports of readings near the single digits on Feb. 6 as BTC probed $60K. While methodologies differ across dashboards, the trend confirms a swift deterioration in risk appetite.
Adding to the tone, Ki Young Ju of CryptoQuant remarked on X that “every Bitcoin analyst is now bearish,” reflecting a momentum shift from early-year optimism.
Price context and market drivers
BTC’s retreat accelerated alongside a wider risk-asset sell-off this week. Price trackers show bitcoin sliding from the upper-$70Ks in early February to lows around $60K on Feb. 6, with high-profile outlets noting a break below $65K and a drawdown of more than 40% from 2025’s all-time high.
What the large bitcoin holders share of supply trend suggests
Historically, falling whale/shark ownership during price declines can signal capitulation or strategic risk reduction. If retail accumulation persists while large holders distribute, drawdowns can extend; conversely, stabilization in large-cohort holdings has preceded prior recoveries. (Interpretive context; monitor on-chain flows for confirmation.)
Tracking the large bitcoin holders share of supply in real time
To assess whether distribution is easing, watch Santiment’s whale/shark cohort charts and corroborate with exchange inflows/outflows and realized profit/loss metrics from other providers.
Context & Analysis
The confluence of whale distribution, rising retail share, and “extreme fear” readings is consistent with late-stage risk-off phases in prior BTC cycles. However, macro drivers (equities volatility, liquidity conditions) and regulatory signals can override on-chain patterns. Keeping focus on cohort stabilization and exchange flows may help identify when selling pressure abates.
Concluding Remarks
Large-cohort selling has pushed the large bitcoin holders share of supply to a nine-month low as BTC tests key support zones. Sustained retail accumulation without a halt in whale distribution would historically skew bearish; a plateau or reversal in large-wallet outflows could mark the first step toward stabilization.
FAQs
Q : What does the drop in whale/shark supply share mean?
A : It signals that large holders (whales/sharks) have recently reduced their exposure. Historically, when this happens alongside retail buying, it often aligns with bear-cycle phases or late-stage corrections.
Q : Did whales really sell 81,068 BTC in eight days?
A : Yes. According to Santiment, large holders recorded a net dump of approximately 81,068 BTC over that eight-day period.
Q : Where is Bitcoin trading now?
A : As of February 6, 2026, Bitcoin is trading in the $60,000–$66,000 range, after briefly dipping to around $60,000 in the prior 24 hours.
Q : How low did market sentiment get?
A : The Fear & Greed Index dropped into “Extreme Fear,” with reports indicating single-digit readings around February 6.
Q : Why are analysts suddenly bearish?
A : Market breadth weakened and prices broke key technical levels. As a result, several well-known commentators on X (Twitter) noted that most analysts had turned bearish.
Q : Does this trend guarantee a deeper bear market?
A : No. This is a risk signal, not a certainty. Historically, if large-cohort selling pauses or reverses, the market can stabilize or even rebound.
Q : Is the large Bitcoin holders’ share of supply tracked in real time?
A : Yes. Santiment and other on-chain analytics platforms update cohort and supply metrics regularly, providing near real-time insights.
Facts
Event
Whale/shark cohort’s BTC supply share drops to 9-month low; ~81,068 BTC sold in eight days; retail share rises.Date/Time
2026-02-06T16:00:00+05:00Entities
Santiment; CoinMarketCap; CryptoQuant; Ki Young JuFigures
68.04% (whale/shark share); 81,068 BTC (8 days); BTC ~$60K–$66K intraday prints.Quotes
“Every Bitcoin analyst is now bearish.” Ki Young Ju, CEO, CryptoQuant.Sources
Cointelegraph via TradingView (Santiment) https://www.tradingview.com/news/cointelegraph%3A515d58c51094b%3A0/ CoinMarketCap https://coinmarketcap.com/currencies/bitcoin/