Whales Exit BTC Futures Market as Retail Investors Dominate

According to BlockBeats, Ki Young Ju, founder and CEO of CryptoQuant, has observed that the average order size in the BTC futures market indicates that large investors, or 'whales,' have exited, leaving the market primarily driven by retail investors. On-chain data for Bitcoin shows that the realized market capitalization has been stagnant for three consecutive days, while the total market capitalization is growing at a slower pace than the realized cap, suggesting significant selling pressure. The Profit and Loss (PnL) index turned bearish on November 8, indicating that whales are engaging in large-scale profit-taking. If the cycle theory holds true, the bottom of the current cycle is expected to be around $56,000.