Bitcoin traded near $66,989 on June 3 after an eight-week decline pushed the asset more than 10% lower over the past week. Santiment data shows whales and sharks holding between 10 and 10,000 BTC dumped 24,602 coins during the past week, marking an 18% drop in their collective holdings, while small wallets holding under 0.01 BTC added 61 BTC over the past month. The Fear and Greed Index dropped to 26, reflecting heightened caution among traders as Bitcoin tested levels not seen in two months.
Whales and Sharks Sold 24,602 BTC Over Past Week
Santiment data shows that whales and sharks holding between 10 and 10,000 BTC dumped 24,602 coins over the past week. That marks an 18% drop in their collective holdings during the period. This selling matters as larger holders often shape short-term direction when market depth weakens.
Meanwhile, small wallets holding under 0.01 BTC moved in the opposite direction. This group added 61 BTC over the past month, equal to a 12% rise in their holdings. The amount remains small compared with whale and shark sales, yet it shows that some retail buyers still view lower prices as an entry point.
Santiment's data suggests traders may need both groups to shift direction before a stronger recovery forms. A move from whale selling to accumulation, along with weaker retail dip-buying enthusiasm, could offer a signal that the market has reached a more durable bottom.
Fear and Greed Index Dropped to 26 as Market Cap Held $2.40 Trillion
The Fear and Greed Index reading of 26 shows that traders remain highly defensive after the latest sell-off. Such readings often appear during periods of forced selling, weak leverage conditions, and broad risk reduction.
Crypto market capitalization stands near $2.40 trillion, with daily trading volume around $143.61 billion. Elevated volume shows that traders remain active, even as price action weakens. Ethereum also fell to about $1,872.40 after a 5.36% daily decline, while Bitcoin dominance stayed near 55.93%.
CryptoQuant Analysis Places Potential Support at $65K
Bitcoin's chart remains fragile after repeated failures near the $70,000 to $75,000 resistance area. Analysts have pointed to that zone as a major barrier after BTC lost momentum there and turned lower. Price now trades below several short and medium-term moving averages, which keeps sellers in control.
CryptoQuant's HODL Waves analysis places a possible local bottom range between $65,000. Bitcoin has already moved into the upper part of that area, making the $65,000 region a key level for traders this month. A daily close below current support could pull attention toward $60,000 and nearby liquidity zones.
Meanwhile, analyst Trader Tardigrade noted that Bitcoin's daily RSI has reached the oversold zone again, a level that has previously aligned with strong rebounds. The chart shows that BTC price has often followed RSI swings, with overbought readings marking local tops and oversold readings appearing near recovery points.
He added that the RSI has formed higher lows along an ascending trendline, while Bitcoin price has followed a similar structure.
FAQ
What did whales and sharks do with their Bitcoin holdings over the past week?
Santiment data shows whales and sharks holding between 10 and 10,000 BTC dumped 24,602 coins over the past week, marking an 18% drop in their collective holdings during the period.
What does CryptoQuant's analysis say about Bitcoin's potential support level?
CryptoQuant's HODL Waves analysis places a possible local bottom range between $65,000. Bitcoin has already moved into the upper part of that area, making the $65,000 region a key level for traders this month.
How did small Bitcoin wallets respond to the recent price decline?
Small wallets holding under 0.01 BTC added 61 BTC over the past month, equal to a 12% rise in their holdings, showing that some retail buyers still view lower prices as an entry point.
