Institutional investors have emerged as the primary drivers of Bitcoin’s rally. CryptoQuant analyst Burak Kecmece emphasized that while retail participants are selling, large holders continue to increase their positions.
On-chain data indicates that a steady decline in the balances of small market participants began in 2023, the expert noted.
Meanwhile, 2024 has seen active accumulation by whales. According to the analyst, these are likely institutions, funds, or wallets associated with spot ETFs.
The absence of retail frenzy is corroborated by Google Trends data. The number of searches for the term “Bitcoin” remains low, significantly below the “euphoria” of 2021.
“Quiet and smart money is on the stage now, while most are watching from the sidelines,” noted Kecmece.
The analyst believes the rally has the potential to continue until retail investors enter the market en masse. Their arrival could signal the approach of the cycle’s peak.
Earlier, the inflow from Bitcoin whales increased by 60% over the week, reported CryptoQuant contributor known as Darkfost.