According to Alphractal, this drop in the metric relative to altcoins suggests that large investors or whales are more inclined to close their long positions or open more shorts on BTC compared to altcoins. At the same time, retail investors seem to be moving in an opposite direction, displaying heightened interest in longs on BTC.
If the Whale vs Retail Heatmap turns negative for BTC and altcoins, the market could likely flip bearish again in the coming days, reinforcing the bear market phase. This thesis continues to hold since whales often have a larger effect on price movements, and Alphractal urges for close monitoring of the metric.
What Traders Are Up To Ahead Of Fed’s DecisionThe development indicates a key flip in positioning and investor sentiment toward the crypto king, which could set the stage for increased volatility. Currently, long positions are the dominant side in the perpetual futures market.
