According to data and analysis by top analysts, the recent volatility of Bitcoin (BTC) is not caused by whales. The data revealed that the volatility was as a result of short-term traders presumably looking to make a quick buck. Recently, Coinmetrics released a chart that tracked the change in the number of BTC by price at the time of last on-chain movement for Sept. 20th to 29th. Coinmetrics is a digital currency analytics startup.

According to the publication of the firm, during the recent price plunge, “there was activity from BTC that last moved when it was trading between $13k and $20k,” which implies that capitulation for those in red is complete. There were two other optimistic signs.

The first is that there was quite heavy selling from BTC last moved in the $10k to $12k region; this suggests that selloff was a byproduct of short-term traders with weak long-term conviction. Secondly, there was little profit-taking from long-term holders that accumulated beneath the $8k level. This means that this subset’s bull market psychology has not changed.