The cryptocurrency market has seen a significant shift in recent days with the price of Bitcoin surging past $70,000. While this may seem like a positive development for holders, data from crypto sentiment platform Santiment suggests that the market may still be headed for further corrections.
According to Santiment's analysis, whales – those holding between 10 and 10,000 BTC – have been selling off their recent purchases since Bitcoin hit $74,000. This is in contrast to retail investors, who have been increasing their positions in the cryptocurrency.
The trend of whales selling while retail investors buy typically signals that the correction is not yet over, according to Santiment. As a result, Bitcoin's price may still be at risk of further declines.