Cryptocurrency analysts at Bitfinex have revealed that long-term Bitcoin holders and whales are currently selling off their BTC, potentially signaling a consolidation phase in the market. According to the analysts, historical trends show that during bull markets and consolidation periods, long-term investors tend to gradually offload their assets.
The Bitfinex Hodler Net Position Change metric, which tracks the holdings of large Bitcoin holders, has shown negative values for the past nine days, indicating a decrease in holdings by whales. Additionally, the BTC/exchange whale ratio has been increasing, suggesting that more whales are depositing their Bitcoin balances into exchanges, putting pressure on the market.
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