On-chain data suggests that the largest Bitcoin whales have started selling their holdings, which may be a bearish sign for the asset’s price. The Trend Accumulation Score, which measures the net accumulation or distribution of Bitcoin, has declined for these whales, indicating a shift from accumulation to distribution. This is in contrast to smaller investor groups who have been heavily selling recently. The market-wide selling could be a concerning signal for Bitcoin and may indicate a potential drawdown in the near future. Bitcoin has been consolidating around the $26,200 mark since the crash in August.
AI Sentiment: Negative