It is important to note that the net flows confirm that sell pressure has also been slowing down. In other words, Bitcoin might not necessarily be in for a strong bearish pullback this week contrary to expectations. This will, however, depend on the possibility of market events that may swiftly change the outcome.The lower net flows may explain why short sellers may not necessarily be keen on executing leveraged positions.
ratio is currently down to its lowest level since the start of 2023. Meanwhile, funding rates have leveled out for the most part.The lack of confidence among short sellers and leverage traders reflects mixed observations with Bitcoin’s supply distribution. For example, addresses holding between 10,000 and 100,000 BTC have been buying in the last three days, hence providing a cushion for the price. The same whale category currently controls 12.13% of the circulating supply.
On the other hand, addresses holding between 1,000 and 10,000 BTC have been selling in the last three days. The same addresses currently control 23% of the total BTC supply, hence their impact is more pronounced.Subscribe to get it daily in your inbox.
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