MAC_D
BTC selling pressure is decreasing
Looking at the #BTC Spent Output Value Bands - All Exchanges index, it significantly impacts price changes depending on the behavior of whales who deposited 1K to 10K into the exchange. In particular, when whales sent bitcoins to the exchange and sold them, they formed a bottom. There have been several crises in the Crypto market this year, but the amount of whale deposits on the exchange is decreasing. The FTX crisis was much more serious than the LUNA crisis, but the decline was a short time and a small drop. Miner Crisis, which could be the next, could lower #BTC prices, but it is not expected to cause major panic sells. Because the number of long-term holders has increased, it is likely to be a boring and long decline rather than a strong panic sell. (The percentage of total mined BTCs held for more than six months was 78.37%, close to an all-time high.)