CryptoQuant data: In the past two weeks, long-term Bitcoin holders sold $1.2 billion, a record high, and ETFs had a net outflow of $460 million.
Judging from the data, the current large-scale selling means that some long-term holders and medium- and short-term ETF holders are cautious about the future trend of BTC, or they choose to take profits and reduce their holdings at high levels to deal with potential market risks.
We need to note that if this $1.6 billion sell-off is not absorbed in the OTC market, it will flow into the exchange, further increasing the supply of Bitcoin balances on the exchange, which will put downward pressure on the market.
These data and trend changes may also trigger changes in market sentiment, especially when the long-term main holders' selling volume hits a record high, which will cause panic. When the market begins to generally believe that BTC will fall, it will cause more selling behavior, forming a vicious circle. Of course, if the secondary market can absorb the increase in BTC supply, or new buyers enter the market to support prices, the market may remain stable or rebound.
Recommended strategies:
It is recommended to short when it rebounds to the upper resistance of the descending channel near $67,100-67,300, with a stop loss above $68,700 and a take profit near $64,600/63,000.
For real-time strategy tracking and specific buying and selling points, please pay attention to the DC group, and external parties will only provide reminders.
