CryptoQuant CEO Ki Young Ju made a remarkable post regarding the wallet movements of Bitcoin investors. In his statement on the X platform on October 1, he analyzed the rates at which Bitcoin was deposited into exchanges and the wallets that carried out these transactions. Ju stated that the current metric was following a quite normal course compared to the bear market.
Analysts examined the data of OKX and Binance exchanges, which are popular among individual investors. The results revealed that small investors are still lackluster and the market volume is largely driven by institutional whales. It was also emphasized that whales are excited about October, which is called "Uptober."
Stock market data on small investors showed a sluggish activity compared to the 2021 and 2022 bull markets, while a weaker performance compared to the 2019-2020 bear market was noted. This shows that individual investors have not yet gained enough momentum and the market is still in the hands of whales.
Ju also pointed out that more severe movements were seen in the bear market last month, and stated that the current situation is in line with the bull cycle. The entry of exchange users to their Bitcoin wallets is at a normal level, unlike the last bear market.
The dissipation of panic among investors is a positive sign that the bull market is sustainable in the long term. Ju had previously stated that Bitcoin and other cryptocurrencies are still in the middle of a bull cycle.
Bitcoin gained 2% in the last 24 hours$BTC
, is trading at $63,734 at the time of writing.
