Allan ChowI'm interpreting this as "the bag holders are now being spread amongst the normies"
Institutional buyers, including ETFs and Strategy, are accumulating bitcoin near record levels, but broader market selling from whales, miners and other holders is overwhelming that demand.
Bitcoin whales are selling the most aggressively on record while ETFs and Strategy keep buying
CryptoQuant data shows overall bitcoin demand is contracting at -63,000 BTC per month even as institutional buyers accelerate purchases, with large holders distributing nearly 188,000 BTC over the past year.