Institutions make mince meat of the whales who just recently held huge sway over market sentiment below $20,000.
Bitcoin (BTC) is seeing a new kind of “flippening” above $20,000 as its original whales keep selling their coins to bigger institutional buyers.
Data from on-chain analytics service CryptoQuant shows that despite long-term investors rushing to offload BTC at a profit, buyer demand is still outpacing them.
Analyst: Bitcoin whales “small” compared to new buyers
With BTC/USD continuing to explore new highs, the “original” whales are beginning to look like plankton as institutions line up to buy en masse.
According to the CryptoQuant data covering exchanges, outflows hit yearly highs in the hours before $20,000 broke for the first time in history.
