• For this analysis, I used the following indicators: AVWAP anchored to the Third and Fourth Halving (with bands configured at the same deviation - 2.1), UPR New and Old Whales (by Ki Young Ju, CEO of CQ), UPR Whales 100-1K BTC, UPR Miner Whales ≥ 1K BTC, NUPL Long-Term and Short-Term Holders (by Axel Adler Jr., CQ Verified Author).
• The last time that, after an ATH, the indicators mentioned reached levels similar to those seen during the early February drop was in May-June 2022.
• Likewise, it is worth noting that in both cycles the indicators reached similar values while the price was closing below the AVWAP anchored to the most recent halving at the time, showing confluence between the weakness in Bitcoin’s price action and the situation of its holders (on-chain data).
Written by _OnChain