Whales in the range of 1k to 10k, which typically provide significant downward volatility to the market, have not been consistently participating in this current uptrend cycle. (Green box)

There are two perspectives to consider:

1)They may not be willing to sell yet as the cycle has not ended.

2)There might be demand outside of exchanges, particularly in the OTC (over-the-counter) market, capable of absorbing large selling volumes even without deposits into exchanges post-ETF approval.

Written by Mignolet