Bitcoin has seen notable sell-offs from small wallets recently, but other wallets have mopped up the dump from these wallets.
is trading above $66,000 and is attempting to climb back to its recent all-time high. Despite this rebound effort, small wallets have been selling off their holdings.
The chart indicated that wallets with under 0.1 BTC have reduced their holdings by 0.46% in the past week. This decline might be due to small wallets attempting to make quick profits.However, despite this decline, the pattern of small wallets selling and large wallets accumulating is typically considered a bullish sign.
On 15th May, the netflow was -22,359 BTC, the highest since December 2023. The chart indicated that netflow has remained negative since then, meaning more BTC is being withdrawn from exchanges than deposited.This trend is typically a bullish signal, indicating confidence among larger holders and reducing the available supply on exchanges. Consequently, the price trend could benefit from this increased accumulation.
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