This post from @cryptowhale is misleading. (Who is a known scammer)
This is showing the number of whales. He is completely leaving out the amount of Bitcoin supply that whales hold, which has been increasing for almost 2 months now.
Red is the number of whales, green is their holdings
Surprise surprise
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It's been widely believed that retail is to blame for Bitcoin's price drop.
However, the data shows this is not the case. Retail (entities with 0.001BTC to 1BTC) has been aggressively adding to their holdings.
It actually seems like most selling has come from whales (entities with >1K BTC), as the number of whales on-chain has continued to trend down.
Although this is good for adoption, it shows that retail cannot sustain Bitcoin as a trillion-dollar asset and I suspect if there's going to be any continuation of this bull run, we're going to need to see at least a jolt in new whales coming on the network.
This ratio shows when Delta cap (difference between realized capitalization and the all-time moving average capitalization of Bitcoin) converges with Realized capitalization (cap based on when coins were last moved)
Without taking a ratio of the two, here are the convergences: