TechFlow reports that CryptoQuant has released data on Bitcoin transfer activity via X, suggesting that major institutional investors may have already completed their Bitcoin accumulation.
CryptoQuant analysts noted that the completion of institutional accumulation likely occurred during the two major market crashes in 2022—the collapse of the Terra blockchain ecosystem in May and the downfall of the FTX exchange in November. Since the cycle bottom in November 2022, Bitcoin's price has doubled without showing signs of large over-the-counter transactions. Analysts believe this could be because institutional investors "have already finished accumulating Bitcoin and no longer need additional trades."
CryptoQuant's "Token Transfer" metric indicates that whale transactions typically occur at or near cycle bottoms.
