While new purchasers are mostly on the sidelines, on-chain and market flow statistics indicate that current holders are driving the decline. Thus, the price is now fragile since each wave of selling encounters narrow bid support rather than significant accumulation.
Within the period, MSTR was one of the major drivers of this rally. Nonetheless, the market won’t have a -70% collapse like in previous cycles unless Saylor drastically reduces his holdings. In the meantime, the bottom is still unclear because selling pressure is still present, but this bear market is probably going to create a broad sideways consolidation.
Reduced Selling Volume Meets Sharp Decline
