Bitcoin Cools Market Pressure: Veteran Holders Cause Patient Sales Pressure
Wednesday, The price of Bitcoin As bullish market performance gradually weakened, revenues above $94,000 were recovered in a few hours, thus returning to the $93,000 level. The pullback does not seem to cause a bearish feeling among investors, but rather, BTC holders on major crypto exchanges show optimism about flagship digital assets.
Long-term Bitcoin Holder Sales Activity Brakes
Bitcoin may show a weak momentum, but sentiment among investors seems to have turned into a positive outlook. BTC Holder On the largest cryptocurrency exchange, binance began sticking to its own coins in anticipation of continuous rally.
Joao Wedson, an on-chain marketing expert and founder of Alphractal, Report Binance Bitcoin holders have eased sales pressures, exerting relief from recent market pressures. “After several months of second-tier BTC, cyber veterans seem to be taking a break,” Wedeson said.
This positive behavior is particularly found among long-term BTC holders of leading crypto exchanges. BTC long-term holders‘The reduction in sales pressure is generally considered a bullish development and is considered the basis for price stability. Even if BTC’s price hovers at key resistance levels, these investors’ sales activity has decreased, which also indicates increased confidence in the prospect of rising assets.
Output age group metrics for data spending from Bitcoin exchange inflows binance It shows that unlike in the past, old BTC is no longer sent to crypto exchanges. It is worth noting that the old BTC is classified as coins purchased by investors 6 months, 1 year and 3 years ago.
At present, experts stress that there is no clear sign Distribution or sales pressure From experienced hands. According to experts, these major BTC investors have distributed and sold coins in 2024.
Spot purchases are rising
Investor beliefs rise BTC The increase in spot purchases is also reflected in the binary sales volume. More than 6 months later, this is the first time that spot purchases have surpassed spot sales on crypto exchanges, marking a significant shift in sentiment.
Wadeson Highlight Development of cumulative quantity increment (CVD) metrics, which measure the differences between buying and selling volumes over time. Data show that the cumulative volume of Delta metric has continued to rise since the $75,000 low, indicating that cumulative buying pressure has exceeded sales pressure.
Additionally, there has been long been a focus on Spot’s CVD to Binance’s CVD, as it has maintained a consistent downward trend since 2021 and has barely maintained positive growth. Therefore, Wederson stressed the importance of monitoring this key measure daily to measure risk appetite and sensitivities Purchase interest on a voluntary exchange.
Featured images from Pixabay, charts from TradingView.com
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