Bitcoin under pressure, whales are becoming defensive as liquidity decreases
The price of Bitcoin remains under pressure as selling pressure continues to weigh on the market. The original coin fell to an intraday low of $72,945 in the previous session, amid a wave of risk asset sales. While retail traders maintain predominantly long positions, institutional investors are beginning to pull back. Current data highlights a growing gap between these two groups, raising questions about Bitcoin's future trajectory.
In brief
Bitcoin remains under pressure as whales reduce their prolonged exposure, while retail traders continue to be predominantly optimistic.
Short activity dominates the derivatives markets, despite funding rates still being slightly positive.
Institutional demand is weakening and Bitcoin-related products are trading at discounts to the spot price.
The decline in spot volumes and stablecoin supply indicates limited liquidity to support a sustained rebound.
Large investors are becoming defensive, but individual investors remain optimistic.
Recent price fluctuations reflect a notable repositioning of market participants. Large holders, often known as whales, have reduced their long-term exposure and reinforced their short positions in perpetual futures contracts.
In contrast, retail traders show few signs of backing down, maintaining high optimism despite falling prices. This divergence illustrates the growing uncertainty, which is particularly concerning in a context of decreasing liquidity.
