Bitcoin Bear Market May Be Nearing End as High Conviction Holders Sell

Bitcoin's price has been under pressure lately, and the latest data suggests that high conviction holders are finally starting to sell their coins. In the past two days, these investors have sold around $2.4 billion worth of bitcoin, marking one of the largest sell-offs in recent history.

The majority of this selling activity came from investors who had purchased their coins above $90,000. This trend is seen as a key indicator of late-stage bear markets, where even long-term holders start to lose faith and sell.

Compass Point analyst Ed Engel noted that 'top-buyer capitulation' is a common theme in late-cycle bear markets, and this development makes them more confident that BTC's bear market is nearing its end.