Current distribution vs accumulation metrics are implying less supply vs demand in the current market state. As displayed by the rate of change, over a 30d basis.

Also, indicated by monitoring each address and their absolute changes in value. Currently, there are in aggregate more signs of onchain distribution than accumulation.

Albeit being very dependent on behavioural implications and how these addresses are being transferred, according to the metrics, larger addresses have been reducing their exposure on-chain. This is seen in the net negative changes over the past week, and since last month, pushing down the aggregate value of BTC onchain into negative territory.

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