APTRekt
Humpbacks Dump 28k BTC as Bitcoin Drops Below $80k
Bitcoin retraced to a low of $79,820 on Tuesday following rejections at $81k. That decline marked the second consecutive red week. Interestingly, the massive decline can be traced back to one group of holders: the humpbacks (holding over 10k BTC). They sold over 28k units during this session. Unfortunately, the sharks were unable to absorb the excess supply. Their accumulation also dropped to a 1-month low. In hindsight, humpbacks have been selling since April. However, they intensified their actions, starting in May. As of the time of writing, their selling volume has reached that seen between Apr 9 and 12. If it worsens and the sharks fail to absorb the excess supply, BTC will likely retrace further.