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- Whales in BTC market are losing grasp of the market.
- Retails are buying even more in the current bear condition in the market.
- Bitcoin price is in a negative market condition in the last 24 hours.
During the current bear market, the crypto market has remained mostly unaffected by the market’s unfavorable circumstances. However, according to a recent Twitter post, cryptocurrency whales are running out of digital currencies while retailers in the cryptocurrency market are purchasing them even more.
In the current market conditions for cryptocurrencies, there are two distinct types of investors: the “whales,” also known as large-scale holders who have more than 1,000 Bitcoin (BTC) in their wallet addresses, and the “retailers,” also known as smaller-scale investors who collectively possess less than 10 BTC.
However, since the bear market in 2018, the two groups have been gradually increasing; however, in the present situation, whales seem to be losing their grip on the cryptocurrency market, which benefits the retail market, although it is fascinating since it is occurring during a bear market.
A Reddit post indicates that the number of whales has decreased from its all-time high (ATH) of over 10 million BTC in May 2021 to its current level of around 9 million BTC, with the FTX collapse accounting for around 40 percent of this decline.
In the past 24 hours, the price of BTC has dropped by 1.24% and is now trading at $21,563.28, with $21,563.14 as the lowest price (support) and $22,060.99 as the highest price (resistance).
To summarize, the present market situation does not imply that retail has a monopoly over the whales, since the whales still hold 3x of the entire BTC supply.
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