The world’s largest cryptocurrency Bitcoin has been struggling under the $50,000 levels.
However, he noted that derivative traders have to be careful in the short term since the number of whale deposits on the exchange has been increasing.
Earlier today, Chinese crypto analyst Wu Blockchain noted that Bitcoin’s dominance in the overall crypto space has dropped to under 40% for the very first time in three years.
As Wu Blockchain notes institutions that have purchased Bitcoin after March are currently under losses with the recent BTC price crash.
“Institutions that bought Bitcoin after March have suffered losses due to the recent sharp drop.