[Analysis] "Bitcoin whale share hits 10-year high…market leadership shifts as retail exits"

Suehyeon Lee

Summary

In the Bitcoin (BTC) market, the whale ratio on exchanges has recently topped 60%, the highest level over the past 10 years, it said.
As Bitcoin fell to around $60,000, retail investors exited while large capital expanded its share on exchanges and led trading flows, the analysis said.
With many past cases of major upside rallies unfolding after the whale ratio peaked, it added that the current rise in whale share could be interpreted as a signal of a shift in market structure.

Forecast Trend Report by Period

An analysis suggests that a sharp increase in the share of whale investors in the Bitcoin (BTC) market is reshaping the supply-and-demand structure.

On the 5th (local time), CryptoQuant contributor CW8900 said, "The share of whales on exchanges has recently surpassed 60%, the highest level over the past 10 years," adding that "at the same time, retail investor participation has fallen rapidly, weakening their influence in the market."

In particular, as Bitcoin slid to around $60,000, retail investors exited the market, while large capital increased its presence on exchanges and has been leading trading flows, the analysis said.

Historically, major upside rallies have often unfolded after the exchange whale ratio peaked. Accordingly, the current increase in whale share may be interpreted as a signal of a shift in market structure, beyond a simple concentration of capital.

CW8900 added, "The market is currently in a phase where whales have taken control of supply and demand as the share of retail investors has declined," and said "the future price direction is also likely to be heavily influenced by the movements of these large pools of capital."

BTC