Bitcoin dips. What's next?
Assets covered: Bitcoin (BTC)
Metrics used: Exchange Inflow, Holders Distribution, MVRV, Network Profit/Loss, Social Volume, Mean Dollar Invested Age.
Summary: Some of the interesting and concerning signals about Bitcoin before the dip and where we are now.
1. Exchange tsunami
This was quite a scary signal, an exchange inflow spike on top. The biggest spike since the start of the year suggesting a rising sell-side pressure as some speculators probably rushed to sell another ATH. It didn’t take long for Bitcoin’s price to react to this sell-off wall.
2. Few groups of holders selling together
There was some interesting activity in Bitcoin whale addresses. Holders from 1k to 10k BTC were dumping:
Shrimps and crabs (0.1 - 10 BTC) also in quite an aggressive decline:
They are also seem to be not convinced of the rally. It looks scary. Retail
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