Today, the situation in the market looks like this. Note that the percentages in this case reflect the change in the value of assets during the last week.

Cryptocurrency values as of today

What will happen to the Bitcoin exchange rate

Based on unspent transaction exits (UTXOs) in the Bitcoin blockchain, CryptoQuant has noted a high frequency of coin sales by the big “whales” since April this year. In this context, the big ones are those market players whose capital exceeds the million-dollar bar.

Here is a rejoinder from analysts, in which they share their views on what is happening.

After Bitcoin’s fall at the end of January, we still saw coin accumulation because all the leading value ranges went up. However, from April 21 to the present, the big whales are actively selling off coins and are not going to accumulate them yet.

That is, analysts believe that the big players continue to get rid of their own coins, and are doing so quite actively.

Bitcoin exchange rate

That said, Bitcoin’s value is still holding at its current level thanks to the fact that smaller capital traders have not yet joined the strategy of the big whales, that is, have not started getting rid of their own cryptocurrency holdings. However, things could soon take a turn for the worse, analysts believe. They continue.

If small whales and individual traders give up, we will see an absolute surrender of the market and a bottom. If not, it’s worth keeping a close eye on those whose equity is around a million dollars to consider the likelihood of a Bitcoin rebound.

That is, experts concede that the market is perfectly capable of going lower in terms of capitalisation. That said, they also believe the niche could be near the bottom.

According to Cointelegraph’s sources, it is mainly those traders whose capitalisation is below a million dollars that are “holding out” against sellers. The category with portfolios worth between $100,000 and a million may start selling in the near future, but everyone else with capital under $100,000 continues to accumulate BTC.

Read also: Former US Federal Reserve Chairman criticised Bitcoin and named cryptocurrency's "core value".

Another interesting fact is noticeable in the chart from Glassnode with the number of traders with more than 1,000 BTC in their wallets. In May, their number began to drop sharply: this suggests that large Bitcoin holders are getting rid of their cryptocurrency holdings, which means that there are in principle conditions for a new collapse.

Whale’s fall

Earlier in May, market players could form key support levels for Bitcoin below $27,000. This is pointed out by experts at monitoring service Whalemap. According to them, such large-scale collapses in the cryptocurrency are accompanied by a sharp increase in both losses and profits for traders. Here’s a quote from a report on the matter.

On May 12, both losses and profits were much higher than usual. A perfect example of this kind of market capitulation is the events of December 2018, only on a much larger scale.

Bitcoin holdings profit and loss data

As a reminder, it was in 2018 that the first major collapse of the crypto market took place after the end of the previous bull run, during which Bitcoin set a new then historic high of $20,000. That’s also when the “crypto-zima” began – a long period of no growth in cryptocurrencies and a significant decline in volatility. By the way, now Bitcoin is predicted to have another “cryptozyma”, which could last at least a few months.


We believe that so far, the situation in the coin market really does not look the best. Many analysts are assuming a new round of collapse, and investors have more than enough coins to sell. However, even this does not guarantee anything. As we know from past experience, the digital asset niche behaves completely unpredictably - and it is unlikely to change now.

What do you think about this? Share your opinion in our Millionaires’ Crypto Chat. There we discuss other important topics as well.