Thread by @dilutionproof

1/6 Since last Sunday, the #bitcoin price went from >$60k to <$50k in a dip that scared some (newer) market participants

Who were selling here, and are they done selling? 🐳

A small 🧵 using @whale_map data to zoom in on the price action of this last week

2/6 The market turnaround started last Sunday (April 18th), when price broke through $60k with increased volume

As can be seen in this 🐳 outflows chart, a lot of #bitcoin moved that day that was bought by whales on August 3rd, 2020 for ~$11.2k

Looks like (>400%) profit taking

3/6 On Thursday (April 22nd), price also broke down the ~$1 trillion market cap price

On that day, a lot of 🐳-owned #bitcoin that were bought on December 22nd, 2020, for ~$23.8k moved

Looks again like (>100%) profit taking - this time by a slightly newer market participant

4/6 Yesterday (April 23rd), the #bitcoin price also broke through $50k in what felt like a mini-capitulation event

Zooming in on 🐳 movements again, this time there was a lot less action - only some by <1m old whales that bought around $60k and apparently accepted a ~20% loss

5/6 This dip started with older 🐳s taking profit, creating a cascading effect of profit taking all the way to capitulation by newbie 🐳s

The good news; the Spent Output Profit Ratio (SOPR) has completely reset, which means that profit taking is now neutral (which is bullish)

6/6 Furthermore, to close this 🧵 off, the price action over the past week has created new clusters of large 🐳 addresses with a fresh new realized price and profit status that may be the 🐳 HODL'ers of the next leg up - and/or beyond