$BTC is absorbing serious supply
pressure - and not breaking.
On-chain data shows so-called OG whales
moved roughly $286M worth of BTC in
January, the largest spike in long-dormant
coins since November. Historically, that
kind of activity raises distribution fears.
This time, the context looks different.
Glassnode data suggests long-term holder
selling is slowing, not accelerating. Net
outflows from older wallets are rolling over
from extreme levels, implying much of the
overhead supply may already be cleared.
At the same time, accumulator addresses
continue to buy aggressively, adding
nearly 136,000 $BTC in just 11 days this
month.
