The giant whales continue to sell off against the trend, bringing enormous selling pressure to the market.
Since breaking below $100,000, retail and medium-sized enterprise participants mostly believe they are getting a discount.
Order flow shows they are merely providing exit liquidity for large participants exiting the market.
Here is the detailed data categorized by participant type:
Retail investors ($0-$1,000): Currently the only active buyers
(+$9.7 million). They continue to buy against the trend, effectively seizing the opportunity and absorbing the selling pressure.
Medium-sized investors ($1,000 to $100,000): This group of investors is the main driving force, actively buying against the trend, and currently holds a large net long position.
Whale-level investors ($100,000 to $10 million): Selling power dominates (-$2.19 billion Delta value), institutional investors are continuously selling their holdings, causing a supply-demand imbalance that retail funds cannot absorb.
Small players bet that the market has hit the bottom. Meanwhile, large players are still exiting $BTC
