"Have the whales returned... Risk appetite recovers, long positions on the rise for Bitcoin, etc."

There are observations that risk appetite for risky assets among large investors (whales) is recovering.

On the 7th (local time), Alfractal announced via X (formerly Twitter), "The whale ratio indicator compared to individual investors is rising again," adding, "Large investors are entering long positions again, while individual investors are still taking a cautious stance."

The indicator in question is calculated by comparing the long/short positions of whale investors against those of retail investors; when it rises, it can be interpreted as whales taking on more risk. According to Alfractal data, whales’ buying is increasing for major assets such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).

Alfractal analyzed, "Risk asset preference has returned," and added, "This trend often appears in the early phase of a price rebound, and now may be just such a time."