CryptoQuant: Retail Investors Continue to Sell Bitcoin, Whales are Absorbing Selling Pressure

BlockBeats News, July 18: According to CryptoQuant data, yesterday Bitcoin (BTC) demand dropped further compared to the previous day, with the majority of negative demand coming from the spot market, and selling pressure remaining high.

However, data shows that the number of Bitcoins flowing into "accumulation addresses" is increasing, indicating that some of the selling pressure is being absorbed by long-term holders.

Currently, the spot market has been experiencing continuous outflows since November last year, but whale investors are taking on these sell-offs. Analysts believe that when Bitcoin spot demand turns positive again, the market may see a strong uptrend.