According to a report by “The Block”, analysts at the cryptocurrency exchange Bitfinex suggest that the Bitcoin market may be entering a consolidation phase characterized by gradual selling by long-term holders.
The Bitfinex analyst highlighted the “Bitfinex Holder Net Position Change Indicator” which tracks the amount held by whales. The indicator shows that large holders have consistently shown negative values over the past nine days. The analyst added that the price of Bitcoin has dropped by over 6% in the past 9 days, with the trading price at around $65,536 at the time of writing.