Bitcoin's recent dip has left some investors concerned about a potential larger correction, as on-chain data shows that certain traders and whales are cashing out after a period of steady gains. CryptoQuant's Spent Output Profit Ratio data has surged above 1, indicating rising counts of hefty transactions transferring Bitcoin from exchanges to private wallets. While Bitcoin's overall trend is still bullish, Lukasz Wydra, a prominent Bitcoin and crypto analyst, highlighted that the current trading volumes are at their lowest for the year 2023, which is a similarity to what occurred in June 2022 before the drop from $30,000. This has left some investors cautious and watching market developments closely.

(By Christian Encila)