report<\/a>, the firm checked the total increase in the Mean Inflow Volume to many exchanges and discovered that many whales are losing. Its report also shows that the average deposits on top exchanges increase in dollars as Bitcoin reaches its lowest levels\/bottom.<\/p>\nThe firm noted that the trend has been existing since May this year. This resembles the bear market of 2018\/19. Also, Glassnode stated that the report indicates more considerable dominance on exchange deposits from whales, trading firms, and institutions.<\/p>\n
The Rise Of An Old Pattern<\/h2>\n
The analysis of the previous bear market shows a mirroring of the events. The prices of BTC went down by 84% from their ATH. But within a year, the token bottomed out as it moved from $20,000 to $3,200 in November 2018.<\/p>\n
The primary crypto asset follows a similar pattern in its timing. BTC has dipped by 77.3% from its ATH of $69K in Nov 2021 to a new cycle low of $15,665 in November 2022.<\/p>\n
There’s still a different opinion on the trend for Bitcoin from analysts who believe in more time left. They relied on the asset several months after the 2018 bear market before witnessing a considerable bullish rise. In 2018, Bitcoin took five weeks before hitting bottom after the start of the capitulation.<\/p>\n