After last week's violent price reversal that saw Bitcoin retreat from its all-time highs, traders and analysts are now looking to the major players and investors to gauge Bitcoin's next step - so far it has been Reaction is definitely mixed.
According to Coin Telegraph, data from the analytics company on the chain Glasnode indicates that the number of Bitcoin whales - a term referring to wallets of between 1,000 and 10,000 Bitcoins - may be At least temporarily reversing what had previously been a strong uptrend from April 2020, a phenomenon Glasnode described as the prospect of the end of the whale breeding season.
The Glasnod blog indicated that a significant portion of the decline could be attributed to the restructuring of portfolio portfolios.
In fact, if some of the downturn is related to custody services moving coins into deep warehouse, there is an external opportunity that could be a sign of more Bitcoin moving into ownership of whales. Even the actual number of coins in whale addresses indicates otherwise.
As a result, it can be difficult to attribute the decline in whale wallets to panic during cryptocurrency selling.
Meanwhile, miner outflows paint a sharper bullish picture. In a tweet on Friday, Lex Moskovsky, CEO of Moskovsky Capital, indicated that Bitcoin miners - a frequent scapegoat of falling prices - are actually starting to accumulate coins rather than sell.
Likewise, there appears to be good news in terms of institutional grouping. Ki Yong Ju, CEO of Crypto Quant, indicated that the amount of Bitcoin in exchange wallets continues to decline - a sign that he believes indicates continued institutional demand.
However, some recent research indicates that institutions that pool Bitcoin may not have as much impact on price as was originally thought.
Moreover, indications are that the selling mania from retail investors hasn't even started - indicating that the recent downturn may only be temporary, and the next push is where Will start to be afraid of really missing it.
