Analysts at cryptocurrency exchange Bitfinex said the Bitcoin market may be entering a consolidation phase characterized by gradual selling by long-term holders, The Block reported.

Bitfinex analysts said:

“Long-term Bitcoin holders and whales appear to be behind the recent selling of Bitcoin, both on exchanges and through over-the-counter trading. Historically, long-term holders tend to gradually sell their shares during bull markets. position, especially when the market enters a consolidation phase - like what we are seeing now."

Bitfinex analysts highlighted the “Bitfinex Holder Net Position Change Indicator” which tracks whale holdings. The indicator shows that large holders have consistently shown negative values ​​over the past nine days. The analyst added:

“In addition to large holder net position changes, Bitcoin exchange whale ratios also continue to climb as more whales deposit balances on exchanges – these two entities hold more Bitcoin than ETFs and clearly give The market has brought pressure."

Bitcoin prices are down more than 6% in the past nine days, trading at around $65,536 at press time.

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