Based on glassnode’s data, whale addresses were observed to be continually exiting their positions and selling off their BTC.
Conversely, retail investors continued to show interest in the king coin. The number of addresses holding more thanThe rise in retail interest could be considered a positive sign for BTC. However, if the decline in whale interest continues, there could be a negative impact on the overall price of the coin. This contrast in behavior could have negative connotations for small investors.
However, at the time of writing, there was not a lot of sell pressure on Bitcoin. This was indicated by the reading of a declining MVRV ratio. Its negative MVRV ratio suggested that most addresses wouldn’t be able to profit if they decided to sell their holdings at the current price.Another positive factor for Bitcoin was its increasing activity. According to Santiment’s data, the velocity of BTC spiked significantly over the last few days.
Coupled with that, the overall daily active addresses also went up. Interestingly, during this period, the mean size of each
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