It is already a bear market, yet still bullish

According to Cointelegraph, Bitcoin price declined this week, falling to $89,550 on Tuesday. Glassnode data shows that since the end of October, the number of whale wallets has surged, with wallets holding more than 1,000 BTC increasing from 1,354 on October 27 to 1,384 on Monday.

At the same time, the number of small wallets holding 1 BTC or less decreased from 980,577 on October 27 to 977,420 on November 17, setting a new annual low. This indicates that small investors are prone to panic selling during market crashes, while whales take the opportunity to accumulate.

Bitcoin price fell below $90,000, and the Crypto Fear & Greed Index dropped to the 'Extreme Fear' zone with a score of 11. Executives from companies like Bitwise and BitMine expect the selling pressure on BTC to ease and predict a bottoming out this week.