Professional traders, whales, institutions and corporations have benefited the most from the recent rally in the price of bitcoin, while retail traders have been looking and waiting along the way, according to a new report from data arm OKEx.

finished the reportwhich looks at trading data on cryptocurrency exchange OKEx from August through the end of November, found that traders with amounts greater than 2 bitcoins were cashing in, taking a more measured approach while smaller traders continued to buy.

The data from the OKEx platform does not represent the entire market, but it is a strong indicator and gives a glimpse of what is going on in the crypto market, especially since the trading volume of the OKEx platform during the past 24 hours exceeded 1.3 billion dollars.

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The OKEx platform reveals in its report that professional traders, large (whale) traders, and institutions are difficult to identify with numbers.

According to the report the following:

Whereas a single whale could easily execute a few trades of $100,000 a day.

A large trader with a trading capital of around $100,000 can make many large buying and selling transactions.

Such processes are usually attributed to whales.

The report categorized trades below 0.5 BTC into retail traders, trading between 0.5 BTC and 2 BTC are professional traders, between 2 BTC and 10 BTC are top traders and whales, and 10 BTC and more are classified as institutional.

Trades below 0.5 BTC represent the largest volume on the OKEx trading platform over the past four months, and retail traders, after the September price drop, have been following the price hike and have been buying most days, reaching a new all-time high.

In November, with the price of Bitcoin soaring to this new all-time high, retail and professional traders bought Bitcoin while whales and institutions cashed.

OKEx commented on this by saying:

This behavior can be explained by Bitcoin’s first failed attempt to test its all-time high on November 25.

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Which led to a sharp decline and collapse before the end of the month.

The psychological resistance here, as well as the need to manage risk, may have prompted whales and institutions to dump their positions at these levels while retail traders and professional traders continued to be optimistic.

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Meaning, according to the report, the biggest beneficiaries of Bitcoin’s recent rally are major traders and institutions.

The trading volume and what the “OKEx” platform indicated may be interesting as it provides a picture of what is going on in the Bitcoin market and indicates that the big traders are ultimately leading the market.

The recent market pullback appears to support this, as Bitcoin was preparing to cross $20,000 at the end of November, the price dropped below $18,000 as whales continued to flood the market.

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