Retail investors are liquidating their Bitcoin holdings, leading to a record five-month low in Bitcoin wallets, with active addresses dropping below 52.45 million. This decrease follows significant institutional outflows and geopolitical tensions globally. The U.S. spot Bitcoin ETFs saw over $251 million in net outflows on February 12, totaling $494 million over three consecutive days. Despite this selling pressure, analysts suggest that large holders or 'whales' are accumulating Bitcoin, indicating a potential market bottom. Specifically, large holders accumulated over 39,620 BTC worth about $3.79 billion on February 5, when Bitcoin fell below $97,600. Analyst Juan Pellicer emphasizes the current accumulation trend could signify a nearing market bottom, similar to patterns seen in previous low points. However, investor sentiment remains cautious, influenced by recent import tariffs between the U.S. and China, and the market is anticipated to struggle to exceed $100,000 in the near term without a decisive breakout.

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