Selling by whales—the key trigger for the October sell-off—has cooled off significantly, and that’s important. Based on the four-year $BTC (+0.71%)cycle, we expected sales to taper off six to nine months after they began, and that’s playing out roughly as planned. The caveat, however, is that historically, whales do not re-enter the market as buyers until the next halving, which isn’t due until 2028—so price support from that quarter is not yet in sight.
(Author: James Butterfill, CoinShares’ Head of Research)
