Bitcoin Selling Pressure Eases as Analyst Sees Mid-Bear-Market Phase and Active Whale Accumulation

CryptoQuant uses on-chain indicators to assess Bitcoin investors' profits and losses and the asset's valuation cycle. Recoveries in NUPL and MVRV typically indicate that panic selling is subsiding. Based on those measures, an analyst said the market had moved from an extreme selloff into the middle phase of a bear market, making whale capital flows an important signal of whether prices are forming a bottom.

In the latest report, CryptoQuant said the peak of extreme Bitcoin selling had passed, with more than 47,000 BTC leaving exchanges in a single week. Buying was concentrated at around $70,000 per Bitcoin, representing more than $3.29 billion at that price and indicating that large holders were actively building spot positions. The report did not provide the exact measurement date.