Bitcoin whales vs HODLers: Which cohort will tilt the price of BTC?

, pointed out in a reticent analysis that on-chain transfer volume on the BTC network noticeably decreased since the end of 2022. Surprisingly, during that period, the network witnessed growth.Source: CryptoQuant

A possible reason for this might be BTC’s price action. The king coin made multiple attempts to cross the $30,000 mark. Despite succeeding a couple of times over the last few weeks, the coin was unable to sit comfortably above the range.’s price action was not at par. It was also interesting to note that while HODLers kept their activity low, a significant influx of institutional investors was observed.

As per the analysis, in a situation where the supply is already constrained by HODL behavior and the impending halving, this flood could cause a demand shock.While HODLers’ activity remained low, the same can’t be said for Bitcoin whales. Grizzly, another analyst at CryptoQuant, mentioned in a recent

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