Bitcoin snapped back toward the $89,500 to $90,000 zone as Santiment data showed whales and sharks adding 36,322 BTC while the smallest wallets trimmed holdings. At the same time, ETF cost basis charts and a TradingView setup pointed to $90,000 as the level to reclaim to confirm the rebound.
Whale and shark accumulation rose as the smallest wallets sold
Bitcoin traded near $89,500 as wallets holding between 10 and 10,000 BTC continued to add coins over the past nine days, while the smallest retail wallets reduced holdings, according to a Santiment chart based on Sanbase data.
Bitcoin Whale and Retail Wallet Supply Held. Source: Santiment
Santiment’s chart tracks “supply held” by two wallet groups alongside Bitcoin’s price on a daily interval. It shows the 10 to 10,000 BTC cohort adding 36,322 BTC in the past nine days, which Santiment labeled as a 0.27% increase for that segment. At the same time, wallets holding under 0.01 BTC reduced holdings by 132 BTC, a move Santiment measured as a 0.28% decline.
On the right side of the chart, the large holder share sits around 68.51% of supply, indicating that most Bitcoin remains concentrated in bigger wallets. By contrast, the under 0.01 BTC cohort sits near 0.248%, highlighting how small the tracked “tiny wallet” slice is even when it shifts direction.
Price moved lower into mid January while the two holder lines diverged. The large holder line turned up during the same window that the small wallet line drifted down, which Santiment framed as a pattern where bigger holders absorb supply as smaller participants sell.
Price holds near ETF cost basis as MVRV resets
Price rebounded near the average cost basis of U.S. spot Bitcoin ETF holders after the recent pullback, according to a chart shared by analyst James Easton.
A chart posted by @JamesEastonUK shows the price line bouncing at the ETF average inflow cost basis, a level that tracks the weighted entry price of ETF buyers. Easton highlighted the move as a clean reaction at that line, which sits just below the $90,000 area on the chart.
Bitcoin ETF Average Inflow Cost Basis and MVRV. Source: James Easton (@JamesEastonUK)
The same chart plots ETF MVRV, a measure comparing market value to the ETF cost basis. The MVRV band has cooled from earlier highs, indicating unrealized gains for ETF holders have narrowed compared with previous peaks. However, the metric remains above neutral, suggesting ETF positions still sit modestly in profit rather than under water.
The chart also includes a “true market mean” line, which trends slightly below the ETF cost basis. The clustering of these reference levels shows price compressing around areas tied to ETF positioning, reinforcing the role of ETF flows in shaping recent market structure.
Inverse head and shoulders faces trendline resistance
Meanwhile, a TradingView chart shared by analyst Don, posting under the handle @DonWedge, shows an inverse head and shoulders structure forming on a short term timeframe. The pattern emerged after a sharp sell off, with the lowest wick marking the head and two higher swing lows shaping the shoulders.
Bitcoin Inverse Head and Shoulders Setup. Source: Don (@DonWedge)
A rising blue trendline crosses the upper boundary of the formation and caps recent recovery attempts. Don noted that price must reclaim this level to validate the setup. On the chart, price sits just below the line, indicating the structure remains unconfirmed.
After the rebound from the low, price moved into a narrow consolidation zone beneath resistance. The pause suggests the market is testing whether buying pressure is strong enough to break above the trendline rather than resume the prior downward move.
Source: https://coinpaper.com/13928/are-whales-buying-the-bitcoin-dip-while-retail-sells-near-90-k
