[Analysis] "Bitcoin on-chain losses hit an all-time high… whale buying strengthens"
Summary
- "It said that losses for Bitcoin on-chain investors have reached an all-time high, prompting retail investors to leave the market."
- "Meanwhile, whales are stepping up Bitcoin buying with greater intensity than before, interpreting this phase as a correction rather than a structurally bear market."
- "It analyzed that the current on-chain loss scale is similar to November 2019, when Bitcoin began a sharp upward rally after the correction."
An analysis has emerged that whales (large investors) are stepping up their buying of Bitcoin (BTC).
CW8900, a contributor to CryptoQuant, said via CryptoQuant on the 25th (local time) that "during this corrective phase, losses for Bitcoin on-chain investors are at an all-time high," adding that "as a result, retail investors have left the market."
By contrast, the analysis says whales are continuing to buy. CW8900 said, "Whales are instead stepping in to buy (Bitcoin) with greater intensity than before," calling this "why this phase is interpreted as a correction rather than a structurally bearish market."
He went on to analyze that "the current scale of (on-chain) losses is at a level similar to November 2019," noting that "at the time, Bitcoin began a sharp upward rally after the (correction)."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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