Quick Take
Over the past six days, a substantial sell-off in the Bitcoin market has been observed, attributed predominantly to Bitcoin whales.
The red color on the below chart denotes transactions over $10M, indicating that these major holders are progressively liquidating their positions.
Netflow: (Source: Glassnode)
The influx of nearly 15,000 BTC back onto exchanges supports this observation. Furthermore, the accumulation trend score by cohort below confirms this trend, as Bitcoin whales appear to be in a deep distribution mode.
Accumulation by cohort: (Source: Glassnode)
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