Bitcoin long-term hodlers begin ‘distribution’ which preceded BTC price bottoms
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Bitcoin (BTC) stayed wedged in a tight range on June 4 as traders’ demands for a new macro low persisted. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD stuck between $29,000 and $30,000 into the weekend. On-chain analytics platform CryptoQuant signaled that long-term holders were starting to divest themselves of their stash in a classic bear market move. Ex-BitMEX CEO Arthur Hayes said such a capitulation event “usually marks a multi-year bottom” in Bitcoin’s history. Exchange data showed that outflows from major exchanges totaled -23,286 BTC, the most since May 14. Source