Bitcoin Faces Selling Pressure as Sell Calls Jump and On-Chain Data Signals Investor Impatience

The world of cryptocurrency is once again in the spotlight as the price of Bitcoin (BTC) continues to face selling pressure, dropping below $63,000 and falling another 2% in the last 24 hours. On-chain data reveals that Bitcoin investors are starting to lose patience, with buy calls decreasing and sell calls on the rise.

The sudden drop in Bitcoin’s price has sparked concern among traders, leading to a surge in sell recommendations on social media platforms. This fear, uncertainty, and doubt (FUD) circulating in the market often indicate a potential for a market recovery.

According to data from Santiment, the percentage of cryptocurrency supply currently in profit is a key indicator of market sentiment. A high ratio of supply in profit suggests that most holders bought the asset at lower prices, typically seen during bull markets.

Despite the recent volatility in BTC, there is optimism on the horizon with the upcoming launch of Hong Kong Bitcoin (BTC) and Ethereum (ETH) spot exchange-traded funds (ETFs) next week. This development could attract institutional capital from Asia, potentially driving up the price of Bitcoin.

As the market adjusts post-halving event, different Bitcoin holder groups are employing unique strategies. While “crypto whales” are selling early to secure profits, smaller holders are holding onto their assets, and mid-sized holders are strategically buying and selling to anticipate market corrections.

With the cryptocurrency market constantly evolving, traders and investors are closely monitoring the situation to capitalize on potential opportunities and navigate the market fluctuations.