CryptoQuant analysts have identified signs of easing selling pressure in the Bitcoin market. According to their data, long-term holders (LTHs) are moving coins to exchanges less frequently, while whales have finished selling and returned to accumulating the asset.
The annual average volume of bitcoin transfers from LTHs to exchanges has been gradually declining over recent years, notes Darkfost, a CryptoQuant analyst. In most cases, when long-term holders move Bitcoin to exchanges, those coins are sold.
However, the annual average inflow of Bitcoin to exchanges remains at its lowest since 2015, despite a slight increase to about 800 BTC per day compared with 630 BTC in early May. This suggests that LTHs are increasingly opting for long-term storage.
Whales have finished their selling wave and have started accumulating the asset again after Bitcoin's price dropped to $61,400. The Exchange Whale Ratio rose to 62.3%, indicating most panic selling has been absorbed.