Bitcoin whale clusters show 'institutional FOMO' is behind the BTC rally

Various metrics, including Google Trends, have shown lackluster mainstream demand for BTC despite its parabolic rally in recent months.

Institutional 'FOMO' makes the current BTC rally stronger than previous cycles.

Whalemap analysts described the recent spike in demand for Bitcoin from whales as "Institutional FOMO.".

Whale clusters emerge when whale addresses, or addresses that hold over 10,000 BTC, buy Bitcoin and do not move it for prolonged periods of time.

"Bubbles indicate prices at which whales have purchased BTC that they are currently holding."

In previous rallies, when BTC broke out, upwards of $100 million worth of contracts were liquidated on major exchanges.

When the price of BTC was increasing, the funding rate of BTC was rarely over the average 0.01%. The low funding rate shows that the futures market has not been majority long, demonstrating that the demand came from elsewhere.

Atop the heightened involvement of whales and institutions, the overall trading volume has substantially increased in the recent rally.

At the time, BTC price also was hovering at around $16,350.

Santiment analysts found that the ongoing rally has more volume behind it than the 2017 rally.