Bitcoin's Net Position Realized Cap has seen a sharp decrease, indicating a waning sentiment among major investors amidst the recent pullback in BTC's price.
Long-term Bitcoin holders have significantly decreased their positions, raising concerns about the sustainability of Bitcoin's price strength and potential market mood shift.
Big wallet addresses holding 1,000 to 10,000 BTC are selling their coins into recent strength, while mid-sized wallet addresses continue to buy, suggesting a changing market dynamic in Bitcoin's rally.
The behavior of key investors and the redistribution of supply by different cohorts may reshape market sentiment and influence Bitcoin's future price movements.