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