The aggressive distribution has contributed to bitcoin’s abysmal end to 2022.
Bitcoin sentiments have declined drastically, as key shark and whale addresses (holding 10 to 10,000 BTC) have collectively dumped $10.75B worth of BTC since last October. The distribution, which began two weeks before November 8 – the date of BTC’s all-time high – has led to a massive decline in the supply ratio held by these addresses.
In addition to this gradual decline, bitcoin’s circulation has significantly dried. These metrics have contributed to the asset’s poor end to the year.
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