Bitcoin Prices Supported by Retail and Institutional Investors, Not Whales

Bitcoin's market structure has strengthened since early August as prices rose while exchange deposits declined. In that time frame, most of the buying interest was coming from larger participants, with retail and institutional investors driving a 25% price increase to around $79,000.

However, mid-sized coin investors have been less active on exchanges, with a 15.5% decrease in inflows during this period. The largest decrease was at Binance, where the number of mid-sized coins going into their platform dropped almost 30%, indicating that larger investors are choosing to hold rather than sell.

This reversal has resulted in a shift of large mid-size investor activity between different exchanges, but overall selling pressure remains low. According to CryptoQuant, exchange inflows will continue to support current price levels, but any further increases will need to be sustained through ongoing demand.