A newly released report from cryptocurrency exchange OKEx and blockchain data firm Kaiko shows that while large bitcoin holders – whales – sold at a profit as the price of BTC kept going up, retail investors chased the rally while remaining confident.
According to the report, which analyzed trading data from August to November of this year, a period in which the price of bitcoin moved from about $11,000 to a new all-time high close to the $20,000 mark, there was heavy net selling throughout August across all trading ranges, as traders were likely taking profits after BTC’s price broke into $11,000 territory.
Per OKEx, all trader personas except for whales and institutional investors panic-sold BTC during the so-called Thanksgiving crash on November 26, when bitcoin dropped from $19,000 to $16,000 before recovering. Here, whales and institutions bought “cheap” coins as others sold.
The report concludes that retail traders “have been chasing Bitcoin’s price rally,” while bitcoin whales seemingly took profits and institutions remained “somewhat balanced” as the price of bitcoin moved up this year.
Source: https://www.cryptocompare.com/email-updates/daily/2020/dec/14/
