CZ Says Bitcoin Is Not Dead Yet as On-Chain Data Flashes a Warning Sign

CZ says Bitcoin is not dead as retail BTC wallets add 0.36%, while whale wallets cut holdings by 0.20% in two weeks.

Binance co-founder Changpeng Zhao, known as CZ, said Bitcoin would not stay “dead” for too long. His comment came as Bitcoin traded near the $60,000 support level.

However, on-chain data shows a mixed picture. Small Bitcoin wallets are still buying the dip, while larger holders are cutting exposure.

Wallets holding less than 0.01 BTC added 0.36% in two weeks. Meanwhile, wallets holding 10 BTC to 10,000 BTC reduced holdings by 0.20%.

The data adds caution amid CZ’s message. Retail demand remains active, but whales have not returned to strong buying.

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Retail Bitcoin Wallets Continue to Buy

Santiment data showed that wallets holding less than 0.01 BTC increased their holdings by 0.36% in two weeks. This group includes small Bitcoin traders and retail holders. Their buying suggests many still view price drops as entry points.

However, this behavior also gives traders a warning sign. In past bear markets, bottoms often formed after small holders stopped buying. So far, that kind of retail exhaustion has not appeared.

As a result, the market may not have reached a clear bottom yet. Retail traders are still showing confidence despite weaker price action. Still, confidence from small wallets alone may not support a strong recovery.

Bitcoin has remained under pressure while defending the $60,000 area. This level has become important for traders watching short-term direction. A clean break below it could increase selling pressure.

✍️ TL;DR: Small $BTC traders keep buying dips, while whales slowly offloading
📊 Metrics Used: Supply Distribution
🔗 Chart link: https://t.co/3WXE2N6Yid

🐟 Our on-chain research indicates that retail investors continue to view every Bitcoin dip as a buying opportunity. Over the… pic.twitter.com/IdOgAcV6ob

— Santiment Intelligence (@SantimentData) June 9, 2026

Whales Cut Holdings During the Pullback

At the same time, larger Bitcoin holders moved in the opposite direction. Wallets holding between 10 BTC and 10,000 BTC reduced their holdings by 0.20%. This happened during the same two-week period.

These wallets are often watched closely by market analysts. Large holders can affect liquidity and price direction. Their selling may show caution during the current market weakness.

The contrast between retail buyers and whales is important. Small traders are adding Bitcoin, while larger wallets are cutting exposure. Therefore, the market is showing mixed signals.

Santiment noted that markets often move closer to whale behavior than retail expectations. That makes whale activity important during pullbacks. Until larger wallets return to buying, Bitcoin may remain under pressure.

Bitcoin Market Waits for Stronger Bottom Signal

CZ’s comment gave long-term Bitcoin holders a familiar message. He suggested that Bitcoin’s weak phase may not last too long. However, the on-chain data shows that the market remains unsettled.

Bitcoin won't be "dead" for too long.

Don't panic, in large friendly letters.

— CZ 🔶 BNB (@cz_binance) June 9, 2026

Retail buying can show belief in a future rebound. Still, it can also happen before further losses. This is why traders are watching both wallet groups closely.

A stronger bottom may need two changes. Whales would need to stop selling and start adding again. At the same time, retail traders may need to show signs of exhaustion.

For now, Bitcoin remains in a fragile position near $60,000. CZ’s message may ease concern among some holders. Yet the latest wallet data shows that traders are still waiting for clearer confirmation.