Bitcoin is trading near $67,127 on Sunday, March 8, down 0.85% on the day. The broader crypto market cap has also declined, tracking Bitcoin’s move lower.
The Crypto Fear & Greed Index fell to 12 on Saturday — one of its lowest readings since October. That puts market sentiment firmly in “extreme fear” territory.
On-chain data from Santiment shows that large Bitcoin holders, known as whales, accumulated heavily between February 23 and March 3. Prices during that window ranged from $62,900 to $69,600.
Source: Santiment
When Bitcoin reached $74,000 on March 5, those same wallets began selling. They have since offloaded roughly 66% of what they purchased during the accumulation phase.
Meanwhile, wallets holding less than 0.01 BTC have been steadily adding to their positions as the price slipped back below $70,000. Santiment flagged this divergence as a warning sign.
Whale vs. Retail Behavior
“When retail buys while whales sell, it typically signals that the correction is not yet over,” Santiment said in a weekend note.
Glassnode data shows around 43% of Bitcoin’s total supply is currently at a loss. That creates consistent selling pressure at higher prices, as underwater holders look to exit near their cost basis.
Analyst Captain Faibik flagged a bearish flag formation on the 8-hour chart. A confirmed breakdown from that pattern, he said, could push Bitcoin toward $55,000.
Analyst Ted Pillows noted that Bitcoin needs to reclaim $70,000 soon. If it fails, he said the $65,000–$66,000 zone could be retested before any reversal.
ETF Outflows Add Pressure
Bitcoin spot ETFs recorded $348.83 million in net outflows on March 6, according to SosoValue data.
Fidelity’s FBTC led with $159 million in withdrawals. BlackRock’s fund saw $143.5 million leave the same day.
Analyst Crypto Patel offered context: BlackRock had purchased $1.163 billion worth of Bitcoin — roughly 17,645 BTC — over the prior ten trading sessions.
Ethereum also declined, dropping 1.34% to $1,946.57. Daily trading volume across crypto remained at $61.44 billion, suggesting liquidity is still present.
Oil prices have risen more than 60% since the start of the year, driven by U.S.–Iran tensions. Markets now place just a 4.4% probability on a Fed rate cut at the next meeting.
Whale transactions accounted for more than 70% of total exchange inflows to Binance over several days this week, according to CryptoQuant analyst Darkfost.
Bitcoin has moved between $60,000 and $74,000 over the past three weeks, with net movement close to zero.
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