According to data from the on-chain platform Santiment, since Bitcoin reached its all-time high last October, holdings by small wallets (generally considered retail investors) holding less than 0.1 BTC have increased by approximately 2.5%, reaching their highest supply share since mid-2024. In contrast, the overall holdings of Bitcoin "big players" (whales and sharks) holding 10 to 10,000 BTC have decreased by approximately 0.8%. This structural divergence often leads to volatile price movements, making it difficult to establish a clear trend. Currently, Bitcoin prices are mostly fluctuating around the mid-$60,000 range. Market analysts point out that retail buying can provide some "bottom support" and short-term momentum, but for a sustainable rebound to occur, large investors need to stop distributing Bitcoin or even become net buyers. Analysts believe that Bitcoin currently does not lack retail participation; the key is whether whales will stop selling pressure and shift to structural buying. Otherwise, each rebound may face the risk of being sold off at higher prices.