Analysts say the Bitcoin market may be entering a consolidation phase characterized by gradual selling by long-term holders. Bitfinex analysts say that long-term Bitcoin holders and large investors appear to be the driving force behind recent Bitcoin sales, both on exchanges and through over-the-counter trades. Historically, long-term holders tend to gradually sell their Bitcoin holdings during bull markets, especially when the market enters a consolidation phase - as we are currently seeing. Analysts focus on the Bitfinex Hodler net position change indicator, which shows that large holders have been in a negative position for the past nine days. Bitfinex analysts add that as large holders' net positions change, the whale ratio on Bitcoin exchanges continues to rise, as more and more whales deposit balances on exchanges. These two entities have more Bitcoin than exchange-traded funds, which obviously puts pressure on the market.