It measured aggregate increases in the Mean Inflow Volume to exchanges to determine that more whales are now underwater. The report noted that the average deposit size across all major exchanges increases in dollar terms as a cycle bottom is formed.
The trend has been in effect since May, and it mirrors that of the 2018/19 bear market cycle.
“This indicates that entities such as whales, institutions, and trading firms have had a larger dominance across exchange deposits.”
In the wake of the FTX fallout, confidence of both #Bitcoin Whales, and Long-Term holders appears shaken
With over 84k $BTC distributed by LTHs, and ~5k $BTC in net whale exchange deposits, #Bitcoin markets are on shaky ground.
Read our latest analysis
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