Bitcoin is trading around $89,700, almost flat for the day and down about 2% over the past week. On the surface, the price action seems weak.

However, something more interesting is happening underneath.

Large investors (whales) are quietly withdrawing from the Bitcoin market. Support from whales is weakening, on-chain data shows distribution activity has been ongoing for the past few weeks.

Nevertheless, Bitcoin has not been sharply devalued. This recovery is very important, as another on-chain signal currently indicates that selling pressure may be...

$ICP .