CryptoNews: Data from analytics firm Glassnode shows that speculative investors, not institutional investors, are the ones driving the buying and selling of Bitcoin in 2023. 🦾
The information reveals that the most active whales are also the group of investors with the highest volume, known as short-term holders, who hold coins for a maximum of 155 days.
Across exchange inflows, short-term holder dominance has risen to 82%, which is much higher than the long-term range during the previous five years. This shows that whales involved in the 2023 market are largely responsible for the recent trading activity. Before May, there was already a clear interest in trading short-term movements on the BTC/USD pair. Since the start of 2023, investors have become more eager to capitalize on volatility in both the up and down directions. The outcomes have been inconsistent, with realized profits and losses frequently increasing along with erratic market swings.
Whales have increased exchange activity, accounting for 41% of all inflows at one point in July. Mining pool Poolin also gained attention for its transactions to Binance, and it's possible that miners were hedging their earnings, which helped drive sell-side activity.Related Articles
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