In the world of cryptocurrency, Bitfinex analysts have uncovered a trend that suggests long-term Bitcoin holders are currently selling off their BTC assets. This selling activity, both on exchanges and through over-the-counter transactions, indicates a potential shift in the market towards consolidation.
According to the analysts, historical data shows that during bull markets and consolidation phases like the one currently observed, long-term investors tend to gradually offload their holdings. The Bitfinex Hodler Net Position Change metric, which tracks the assets of large Bitcoin holders or ‘whales’, has been consistently negative for the past nine days, signaling a reduction in whale-held Bitcoin.
Furthermore, the BTC/exchange whale ratio has been on the rise, indicating that more whales are depositing their BTC balances into exchanges. This influx of Bitcoin from major wallets is putting pressure on the market, overshadowing the influence of ETFs.
It is important to note that this analysis does not constitute investment advice. For those interested in diversifying their cryptocurrency portfolio, Binance exchange offers access to over 300 cryptocurrencies with a 20% commission discount through this link. Stay updated on the latest news, analytics, and on-chain data by following our Telegram and Twitter accounts.
