Golden Finance reported that analysts said that the Bitcoin market may be entering a consolidation phase characterized by gradual selling by long-term holders. Bitfinex analysts said that long-term Bitcoin holders and large investors seem to be behind the recent Bitcoin sell-off, both on exchanges and through over-the-counter transactions. Historically, long-term holders tend to gradually sell their Bitcoin holdings during bull markets, especially when the market enters a consolidation phase - as we are currently seeing. Analysts highlighted the Bitfinex Hodler net position change indicator, which shows that large positions have been negative for the past nine days. Bitfinex analysts added that as large net positions change, the Bitcoin exchange whale ratio continues to climb, as more and more whales deposit balances on exchanges, and these two entities own more Bitcoin than exchange-traded funds, which obviously puts pressure on the market.