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"The last time retail bought the dip this hard was at the bottom of the COVID crash. Probably nothing, few, etc etc. PS. True bear markets happen not from sellers but when we are out of buyers. This is why macro tops are highly volatile; buy side liquidity drops away. The data in this chart will over estimate the buying due to the underlying way BTC UTXOs work and the methods used to determine and cluster addresses into individual investors.
Sell pressure has been from deleveraging on futures markets, also more on Asian spot exchanges. Overall no signs yet of an on-chain sell off (HODLers holdling, speculative investors took profits). Effectively a consolidation under weak December liquidity."
-Willy Woo, On-chain Analyst
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