Bitcoin Whale-Retail Delta Hits Lowest Since January 2024 as Analyst Flags Caution

An on-chain study says Bitcoin is entering a new phase marked by widening differences between whale and retail behavior. In an X post dated May 16, Joao Wedson said the Whale vs Retail Delta metric has fallen to its lowest level since January 2024, a period tied to the U.S. spot Bitcoin ETF launch and notable whale selling pressure. Bitcoin was quoted at $78,188 at the time of writing, while U.S. BTC spot ETFs showed a weekly net outflow of $1 billion as of May 15.