Recently, there has been a noticeable decrease in activity in the bitcoin futures market, accompanied by an increase in the role of retail traders. Analysts from the leading analytical platform CryptoQuant note that despite active accumulation by institutional investors, the price of bitcoin has remained within a narrow price range for several months.
This is reported by Business • Media
Decrease in Average Order Size and Activity of Whales
According to CryptoQuant, the average order size in the bitcoin futures market has decreased. This metric is calculated as the ratio of total trading volume to the number of transactions made. Its decline indicates that the share of smaller orders, formed by the retail audience, is increasing, while the participation of large players (whales) is gradually decreasing.
Additionally, experts draw attention to the Futures Volume Bubble Map, which also records a decline in trading activity. This may indicate a transition of the derivatives market into a cooling phase.
Bearish Sentiment and Expectations for Further Changes in the Market
Specialists point to another important indicator — the 90-day Bitcoin Futures Taker CVD, which shows a predominance of sell orders. This indicates a dominance of bearish sentiment among traders who anticipate further declines in the price of bitcoin.
“The bitcoin futures market is cooling: the decrease in whale activity and the strengthening role of retail traders are shaping bearish sentiment. If whales do not return with demand, the price is likely to remain in a range or experience further downward pressure,” concluded CryptoQuant.
It was previously reported that large players (whales) executed the largest sell-off of bitcoins since 2022, which further intensified pressure on the futures market.