Santiment said wallets holding 10 to 10,000 BTC reduced their positions, pointing to heavier selling pressure from influential holders during the downturn.
Bitcoin fell by around 13% over the past week, a move Santiment linked to selling by large holders. The market intelligence firm said wallets holding between 10 and 10,000 BTC cut their positions during the decline, indicating added pressure from investors with enough size to influence near-term market direction.