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Report: Giant whales and institutions may have reduced their positions, retail investors and professional traders are still optimistic about market trends

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While retail investors and professional traders have been buying, whales and institutions have already cashed out.

Rhythm BlockBeats news, according to the latest report from the OKEx data department, professional traders, whales and institutions have taken full advantage of Bitcoin's recent bull market, while retail traders have largely just followed the trend.

The report looked at transaction data on the OKEx cryptocurrency exchange from August to the end of November , concluded that traders with volumes greater than 2 BTC have cashed out, taking a more cautious approach; while retail traders with smaller capital, on the other hand, have been buying.

OKEx data is not representative of the overall market, but it is a reliable indicator - the past 24 hours The transaction volume exceeds 1.3 billion US dollars, and both CoinGecko and CoinMarketCap give the exchange a high degree of trust.

OKEx reveals its categories from the top up - retail traders, professional traders, "large traders" (or whales) and institutions - hard to define with numbers alone. The OKEx report uses trading rules to classify different traders: transactions below 0.5 BTC can be classified as retail traders, transactions between 0.5 BTC and 2 BTC are professional traders, and transactions between 2 BTC and 10 BTC are "Big traders" (or whales), any movement above 10 BTC can be attributed to institutions.

Transactions below 0.5 BTC represent the highest transaction on OKEx in this four-month period While retail traders "followed prices up and were net buyers on most days, all the way to record highs," after prices fell in September, retail traders ;

In November, as the price of bitcoin rose to record highs, retail and professional traders bought in, while whales and institutions cashed out.

OKEx’s comment on this matter is as follows: “This kind of behavior can be used in Bitcoin The failure of the first attempt to test the 2017 all-time high on Nov. 25 explains. The failure to hit the high led to a sharp decline and a market crash around Thanksgiving. Psychological resistance here, along with the need for risk management, may have driven the whales And institutions are unwinding positions at these levels, while retail and professional traders remain hopeful.”

The continued growth of retail trading volumes may be a barometer of general interest in Bitcoin, but the report suggests that it is ultimately the large traders who drive the market.

The recent market downturn seems to bear this out: While Bitcoin is on track to surpass $20,000 by the end of November, But the price has dropped below $18,000 as whales continue to dump.