According to the expert, the net selling volume in the spot market was approximately half of what was recorded in buying volume. However, a massive wave of selling pressure unfolded in the futures market, causing BTC to return to its previous price. This imbalance caused the bulls to experience a difficult environment as a result of every attempt at recovery being met with increased sell-side intensity.
BTC Whales Are Taking Their Coins Out Of Crypto ExchangesFollowing the recent absorption by whales, exchange reserves have reached a 7-year low, signaling a longstanding behavior of moving coins into self-custody wallets. As of Monday, only 2.2 million BTC, representing about 5.88% of the total supply, was present on crypto exchanges across the sector. The last time exchange reserves were this low was in the 2018 market cycle.
Meanwhile, wallet addresses holding at least 1,000 BTC have been amassing over the past month. During the short period, these investors have quietly scooped up nearly 1.4% of the total supply of Bitcoin. While whales are displaying aggressive buying behavior, retail holders have remained quiet.
