Bitcoin Whale-Retail Delta Drops To ETF-Era Lows As Smart Money Turns Cautious
According to a recent on-chain study, the Bitcoin market has entered another crucial phase, driven by a growing divergence between retail and whale activity. Related Reading: Bitcoin Struggles Below Resistance While Fibonacci Support Comes Into Focus Whale Positioning Diverges Sharply From Retail Optimism In an X post on May 16, crypto analyst Joao Wedson highlights a clear schism between Bitcoin retail and whale activity. This post’s assertion is based on readings obtained from the Bitcoin: Whale Vs Retail Delta metric. For context, the metric monitors the difference in trading behavior between large Bitcoin holders (whales) and retail traders. By extension, it helps in identifying whether smart money is becoming more bullish or bearish, compared to the bias of Bitcoin’s smaller market participants. According to Wedson, the Bitcoin: Whale Vs Retail Delta has now fallen to its lowest level since January 2024 — the same period where the spot Bitcoin ETFs were launched in the United Stat