The firm also noted this as a possible reason why the Bitcoin market is stable as the asset stares further decline in the face.
Sotiriou pointed out that the Bitcoin whales are upbeat about the potential of the asset despite it climbing down from one of the most important price levels in the market.
Sotiriou also noted that the last Bitcoin whale rush in September affected Bitcoin’s price drastically in November 2021, pushing it as high as possible.
In another metric posted by IntoTheBlock, small-scale investors have also been lending a helping hand to push the asset’s price.
Should the market not show a real turnaround in the coming days, there are signs that the investors are ready to pull in more weight behind it.