The cohort that did the most buying Wednesday was entities with 10k-100k.
This cohort added +122,588
The cohort that did the most selling was entities with over 100k BTC, reducing their holding by a net -89,000 BTC
The biggest spike in selling by age during the dip came from coins aged 1 week to 1 month old.
Generally speaking, the average age of the coins sold throughout the dip became younger and younger.
We saw real capitulation from short-term holders for the first time since March last year.
We also saw realized cap trend down. Realized cap going down through the dip shows that coins last moved at higher prices now sold at lower prices.
If we had seen an uptick in realized cap, it would show that OG’s and older market participants had been doing the selling.
TLDR; Young whales did the selling Wednesday, which was compounded by leverage long liquidations the whole way down.
/Cheers
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