Cryptoquant analyst: Whales have not massively absorbed the decline, many people's emotions may turn to comfort too early

ChainCatcher news, according to Cryptoquant analyst Mignolet, as Bitcoin's key short-term support was broken, the price once fell to 89k, but then quickly rebounded and maintained the previous key support. This pattern is often referred to as "stop-loss hunting". Looking at the daily K-line chart, there is indeed a possibility of market reversal.

However, in order to achieve trend reversal, it ultimately requires intervention from key players. Observing CPG data shows that whale entities are selling out on a large scale. Usually when buying whales absorb such declines we would see significant fluctuations in the data as shown in the figure. However this time it wasn't so. Today's ETF daily inflow/outflow data may provide further analysis basis.

If yesterday's decline was really a good buying opportunity, whales should have taken advantage of this opportunity and left traces in their market purchases ratio. However no such evidence appeared. Although K-line chart patterns suggest meaningful movement ahead major players did not take advantage of this opportunity which makes me more worried that many people’s emotions might turn too quickly towards premature complacency.