What do the behaviors of holding and spending reveal about the market cycle?

What-do-the-behaviors-of-holding-and-spending-reveal-about-the-market-cycle

Holding Behavior
Bitcoin whales are still engaged in selling. According to on-chain data, large bitcoin holders (whales) are still not amassing coins. UTXO Value Bands Metric demonstrates that an increasing trend in bitcoin prices is often associated with the accumulation of bitcoin by large holders. However, whales have reduced their holdings by 367k BTC since June 2022. To sustain a price increase, we must observe whales increasing their holdings.

Spending Behavior
In terms of spending, the continued high level of whale spending is contradictory with a sign that could lead to a market cycle change. An upward sustained price trend is typically accompanied by whales holding their bitcoins. Since June 2022, however, a substantial part of the BTC being spent (up to 80% of the total) has originated from whales. Therefore, we must see much lower whale spending to gather a robust sign about the market cycle shift.