On-chain data shows Bitcoin whales with more than 1k BTC were the main sellers in the latest crash, as other cohorts displayed muted activity.
Bitcoin Spent Output Value Bands Shows Spike From 1k-10k Group
As pointed out by an analyst in a CryptoQuant post, unlike in the previous declines, the 10-100 BTC and 100-1k BTC cohorts didn’t show any spikes in activity during the latest crash.
The relevant indicator here is the “Spent Output Value Bands” (SOVB)….
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