Bitcoin has seen choppy price action in April, driven by a wave of selling from short-term holders and smaller wallets. According to on-chain data, these groups are offloading BTC at a rapid pace, but long-term investors and whales remain largely unshaken — suggesting confidence in the bigger picture.

Short-Term Holders Trigger the Pressure

On-chain metrics from CryptoQuant reveal that short-term holders have been sending significantly more BTC to exchanges compared to their long-term counterparts. On average, they’ve transferred about 930 BTC daily, while long-term holders moved only 529 BTC. This gap underscores a split in market sentiment: short-term investors are fearful, while long-term participants appear calm.

Small Wallets Lead the Exit

Breaking the data down further, the sell-off has been driven mainly by smaller wallets — “shrimps” (<1 BTC) and “sharks” (100–1,000 BTC). In contrast, whales (>1,000 BTC) are barely participating in the sell-off, moving just 70 BTC per day. This divergence indicates that larger, more experienced holders are viewing the current dip as noise rather than trend reversal.

Panic or Opportunity?

While the market dropped roughly 9% between April 5–8, recent signs point to stabilization. BTC has rebounded over 3% in the past week, with price currently hovering around $84,400. Historically, such short-term panic phases — often referred to as “shackouts” — have paved the way for stronger rallies once weak hands are flushed out.

Outlook

If the whales are right — and their continued accumulation suggests they might be — the current dip could prove to be a buying opportunity rather than a warning sign. The key in the coming days will be whether Bitcoin can hold above the $82K–$83K range and reclaim resistance near $86.5K.

This article is for informational purposes only and does not constitute investment advice. Always do your own research before making financial decisions.