Short on Bitcoin (BTC)? Glassnode Data Shows Retail Investors Haven’t Given up Buying BTC

Prashant Jha
July 17, 2021 Updated June 4, 2025
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Bitcoin

Bitcoin’s (BTC) price continues to trade under $32K as bearish sentiments dominated the crypto market. The top cryptocurrency’s failure to move out of the $30K-$40K price zone and fear of losing the key $30K support for over two months has put many traders in doubt whether we are already in a bear cycle. However, analyst Willy Woo has pointed towards a key on-chain metric that indicates that the bull market is far from over.

The bitcoin market might have gained institutional support with several financial giants and wealthy traders flocking to add BTC to their portfolio, but it’s the retail traders that drive the market. Willy Woo pointed that retail traders continue to buy more Bitcoin in the ongoing dip even when big BTC whales are selling their holdings.

According to Glassnode data, Bitcoin whales sold 4,000 BTC while retail traders bought a massive 31K BTC over the past 30 days.

Woo explained,

Whales only drive the short-term market (which is the meme that most fixate on). In the macro timescale, I refer to whales, dolphins, and sharks bootstrap the start of a bull market. Plebs drive the middle and end of the bull market.

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Large Whales are Selling Small Whales are Buying

Large whales impact the market sentiment only in the short term and their continuous selling spree is being neutralized by smaller whales accumulation. While many disagree and claims large whales have a bigger impact on the market than retail traders Woo claim otherwise.

There has been a couple of large whale deposits onto exchanges over the past few days, the first one being a massive 14,550 BTC transfer on Binance, another 13,003 BTC was moved to Coinbase earlier today. However, the net flow of Coinbase suggested that it was an internal wallet transfer.

Another analyst Ki-Young believes the strong selling pressure throughout July gives bear an upper hand in the current market. According to Young, if the Exchange whale ratio continues to remain above 85%, it indicates whales are moving their stash onto exchanges for selling.

Bitcoin was trading at $31,543 at the time of writing and currently fighting to hold onto the critical support zone of $31K-$31.5K.

 

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.