Bitcoin Panic Selling Hasn't Started Yet

The chart shows an upward trend in total inflow volume, but this increase alone doesn't generate an aggressive sell signal. In other words, BTC is coming into the market, but there isn't immediate pressure to sell. This suggests the effect on price will be controlled and spread over time.

The most concentrated bands on the chart are generally 0.1 – 1 BTC and 1 – 10 BTC. This group usually consists of individual investors taking profits and investors transferring for short-term trading. These investors only create micro-selling pressure in the spot market. However, as long as liquidity remains strong, they don't produce a sharp dump. Although the price struggles to move upwards, it generally finds a bottom below ($89K). This structure on the chart pushes the price towards a downward, rather than upward, consolidation.

The number of investors accumulating in the 10 – 100 BTC band is not yet dangerous. Investors in this range are in the transition zone between smart money and retail. The chart shows that this band produces frequent and irregular spikes. The lack of continuity prevents sustained selling pressure that would disrupt the trend. Therefore, the price experiences a fluctuating pullback instead of a sharp breakout.

Investors holding 100, 1K, and 1K+ BTC are holding intermittently and without consistency. This indicates that whales are not yet in aggressive selling mode. It's unrealistic to expect a large, one-time sell-off of Bitcoin after the ETF approval, as institutional investors are now aiming to increase their Bitcoin reserves. Therefore, declines are gradual, or one investor sees a buying opportunity while another sells. This prevents the price from exhibiting a collapse even within a bear trend.

Unless continuity increases in 1K+ BTC inflows, the horizontal downward price movement will continue until the bear season reaches its bottom price. $BTC