Even though we saw a slight increase in sales via profit-taking, mostly from STHs, there wasn’t a strong increase in UTXO spending. This means that on-chain, investors remained relatively calm, not creating large BTC movements that would destroy numerous UTXOs. Quite often, when many UTXOs are destroyed, this is accompanied by increased selling pressure. So we’re at an early equilibrium between the beginning of a renewal in demand and constant but not excessive selling pressure.
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