Bitcoin is among the assets that have shown high volatility in the current crypto bear market. Recently, the price of BTC has been hovering around the $20K level. However, the uncertainty with the leading cryptocurrency, most of its long-term holders have not shown any deviation from the token. Hence, they don’t seem to have taken a position. Data from Crypto Quant, an on-chain analytics firm, noted some sales from BTC holders irrespective of its low price. However, the sentiment for the present BTC sell-offs lies in the expectation of more drops in Bitcoin price. This is contrary to former sales built on the notion of a price spike for the king of cryptocurrency. Suggested Reading | CEL Token Price Plummets 50% As Celsius Goes Bankrupt But the persisting crypto winter seems to be putting more pressure on long-term holders of Bitcoin. The author, Ghoddusifar of Crypto Quant, noted that most of the recent BTC sales are from one-year token holders. Furthermore, it stated that such action within past cycles only occurred when BTC prices increased. So, the holders are possibly afraid of a future drop in Bitcoin price. As the crypto winter is getting more intense, Bitcoin market is perceiving an increase in the activities of whales. Before now, the stronger hands seemed to overlook the growing downward trend in BTC. However, seeing the market surpass their realized price, they must join the drawdown region. Their actions...
