Over the past month, whales with over 155 days of inactivity have been less dominant in profit-taking as the price of bitcoin has recovered.
On the other hand, new whales have been actively taking profits, indicating that the interest in closing positions is predominant among institutional players who have entered the market in the past 5-6 months.
Old institutional investors have been more dominant in the first half of the year, with high levels of profit-taking, but now appear to be waiting for a more favorable market for their positions.
This may be reducing selling pressure at this point, providing room for the price to build a more positive structure in this recovery.
Written by caueconomy
