According to CoinMeta, after the price of BTC reached over $80,000, large amounts of capital did not turn to pursue further declines (i.e., "shorting"). Instead, the volume of orders below that price level increased significantly, with a stack of directional buy orders totaling approximately $264 million. The vast majority of these funds have not been executed to this day, and it is suspected that these are "big whales" who missed the opportunity and are still waiting for the next pullback.