The latest data shows that the number of Bitcoin (BTC) addresses, with accounts holding between 1,000-10,000 BTC, has decreased significantly over the past three months. Despite large BTC holders selling, market indicators continue to trend upwards, suggesting that the price rally could continue.

Leading crypto analyst Ali recently noted that some big Bitcoin whales sold a total of 10,000 BTC worth around $600 million. Over the past week, Bitcoin (BTC) has gained more than 6%, according to CoinMarketCap data, and has gained over 4% in the past 24 hours. However, during this rally, large BTC holders chose to liquidate significant amounts of their assets. This move came at a time when BTC’s trading price was around $61,298.02 and its market cap exceeded $1.2 trillion.

COINOTAG’s research has revealed that the number of wallets holding 1,000-10,000 BTC has decreased significantly in the last three months. Crypto analyst Ali confirmed this data in a recent tweet. This liquidation by large holders indicates a decreasing trust among whales and the expectation of a potential price drop. Despite this, the general market sentiment remains bullish. It is also noted that Bitcoin’s exchange reserves have fallen to levels not seen since 2018, highlighting the increasing buying pressure.

Various market metrics support the bullish trend for Bitcoin. According to CryptoQuant data, BTC’s Adjusted Output Profit Ratio (aSORP) is currently in the green, indicating that more traders are selling at a loss. This is often seen as a market bottom during bear market periods. Furthermore, the Binary Coin Days Destroyed (CDD) metric suggests that long-term Bitcoin holders are moving less, supporting bullish sentiment.

Additional analysis from Glassnode reveals that BTC has seen a decline in its Network Value to Transactions (NVT) ratio, which is typically a sign that an asset is undervalued. This, coupled with the bullish trends in technical indicators such as the Relative Strength Index (RSI) and Money Flow Index (MFI), reinforces that price gains could continue. However, the Chaikin Money Flow (CMF) is showing a slight decline, suggesting that short-term volatility is possible.

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