• BTC whales were exerting selling pressure on the coin in the derivatives market. 
• However, a few metrics suggested a market bottom, increasing the chances of an uptrend.

Bitcoin [BTC] has been witnessing a significant decline in transfer volume on the network. A major reason behind the dormancy in transfer volume could be the prevailing holding sentiment in the market.

As the king of cryptocurrencies has failed multiple times to comfortably sit above the $30,000 mark, investors might be wanting the coin’s price to boom before moving their assets. Amidst this, a considerable amount of whale activity was noted in BTC’s derivatives market. This by and large indicated increased selling pressure. 

Read Bitcoin’s [BTC] Price Prediction 2023-24

Bitcoin HODLers aren’t willing to sell

Gustavo Faria, an author, and analyst at CryptoQuant, pointed out in a reticent analysis that on-chain transfer volume on the BTC network noticeably decreased since the end of 2022. Surprisingly, during that period, the network witnessed growth.

This was evident from the rise in active addresses while the tokens transferred remained dormant. 

A possible reason for this might be BTC’s price action. The king coin made multiple attempts to cross the $30,000 mark. Despite succeeding a couple of times over the last few weeks, the coin was unable to sit comfortably above the range.

Therefore, HODLers’ might be reluctant to move their assets a

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Author: Dipayan Mitra

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