After a sharp price change last week that pushed Bitcoin back from record highs, traders and analysts are now looking to major players and investors to measure BTC’s next move – while the reaction has certainly been mixed.
Data from research firm Glassnode shows that the population of bitcoin whales – the term for wallets containing 1,000 to 10,000 BTC – has at least temporarily changed what was previously a strong upward trend from April 2020. This phenomenon is described by Glassnode as potential. “the end of the whale season.”
Graph via Glassnode
Glassnode notes that “a large part” of the decline can be attributed to the restructuring of the Guardian’s portfolios. In fact, if any of the decline is related to the transfer of coins to a deep stockpile by the keepers, it is an external possibility that could be a sign that more BTC has been taken over by the whales, even the actual number of coins in the whales. The headlines indicate otherwise. As a result, it can be difficult to attribute the decline in whale books to panic when selling cryptocurrencies and macros.
Meanwhile, the outflow of miners paints a more pronounced bullish picture.
On Friday on Twitter, Lex Moskovsky, CEO of Moskovski Capital, pointed out that bitcoin miners – frequent scapegoats for price origins and crypto tweets – have actually started hoarding coins instead of selling:
In the same way, there seems to be good news about the company’s delay. Ki Yong Joo, CEO of CryptoQuant, pointed out that the amount of BTC in exchange wallets continues to fall – a sign he believes indicates continued institutional demand:
However, some recent studies suggest that institutions that use bitcoin may not have as great an impact on the price as originally thought. Also, there are signs that retail mania has not started yet – a sign that the recent downturn can only be temporary, and the next press is where FOMO really starts.
At the time of writing, Bitcoin is trading at $ 46750, down 2% on the day.