Whale behaviour has been a major driver.

Wallets holding 10–10,000 BTC dumped 77,120 BTC last week, around 0.44% of supply, accelerating the selloff. Retail wallets, however, are still holding, despite growing panic in commentary.

But whale activity is now flashing an early shift. Santiment's on-chain data shows:

Over the past week, whales executed 102,900+ transactions above $100,000 And 29,000+ transactions above $1 million Putting this on track to be the most active whale week of 2025 Crucially, the tone is changing: the same cohort that spent weeks net selling is now showing initial signs of accumulation, suggesting large players may be positioning ahead of a macro reversal.