Bitcoin Whales Accumulate Amid Bearish Market Trend

The current funding rates displayed by mainstream centralized exchanges (CEX) and decentralized exchanges (DEX) indicate that the market remains in a bearish trend. This sentiment is further supported by the recent growth in the population of Bitcoin whales, despite the bearish price action. The increase in whale wallets suggests that large investors are accumulating Bitcoin, potentially in anticipation of a market reversal or as a hedge against inflation.

The bearish trend is also reflected in the Network Value to Transactions (NVT) Golden Cross metric, which is currently showing a trajectory that suggests a bearish outcome for Bitcoin. This metric, which compares the network value of Bitcoin to the value of transactions on the network, has historically been a reliable indicator of market trends.

The bearish sentiment is not limited to Bitcoin, as the global crypto market capitalization has also experienced a decrease. This decrease in market capitalization, coupled with the bearish funding rates and NVT Golden Cross metric, suggests that the market is currently in a bearish trend.

The bearish trend is also reflected in the institutional crypto inflows, which have seen a cautious resurgence amid macroeconomic complexities. This caution is likely due to the bearish trend and the uncertainty surrounding the macroeconomic environment.

The bearish trend is also reflected in the trading volumes of decentralized exchanges (DEX). Despite the success of some DEXs, they still lag far behind centralized exchanges, suggesting that while DEXs are gaining market share, they still have a long way to go before they can compete with centralized exchanges.

The bearish trend is also reflected in the price action of XRP. The price of XRP is likely to continue its downward trend in the near future, as indicated by the bearish divergence and weakening upside momentum.