Well well, if it isn’t the sky falling down on Bitcoin to start the week.

At the time of writing, the top coin is barely hanging on to the $31.5k support and the bears are already flooding my timeline with confident sub-30k calls.

But what does the data say?

First off, in my experience, Bitcoin’s on-chain data is usually pretty boring on Mondays, relatively speaking. This Monday, however, is looking like a real doozy.

We’re already seeing a slow-but-steady growth in the amount of BTC moving to exchanges, pointing to a new wave of sell-offs as BTC gets dangerously close to a 5-month low:

At the same time, Bitcoin’s Network Realized Profit/Loss (NPL for short) has started the week with several strong dips, suggesting that coins that are active today are -