Dan Lim, an analyst at CryptoQuant, said that by referring to the changes in the distribution of UTXO (UnspentTransactionOutput) values when prices rise or fall, it is possible to infer whether the market is driven by giant whales or retail investors.
During the recent rebound in the crypto market, the distribution trend of UTXO value is as follows: 10~100BTC: no change 100~1KBTC: decrease by 1K~10KBTC: decrease by more than 10KBTC: significant increase This means that the market’s rise is due to holding more than 10,000 BTC Whales are buying BTC, meaning the recent rally was driven by market makers, not retail investors. But Dan Lim added that it was unclear whether market makers were buying to kick off a bull market or a short-lived rally.