[Digital Today reporter Yoonseo Lee] Long-term whales that have held Bitcoin for more than 7 years have recently sold about $271 million worth of Bitcoin. Still, an assessment said the current market has stronger buying demand than in January, limiting the chance that the supply overhang will immediately lead to a sharp drop.

On April 9 (local time), blockchain media outlet Cointelegraph reported that the move was confirmed on Sunday.

On-chain data from Capriole Investment showed Bitcoin’s “OG whale spending value” stood at about $271 million that day. It was the largest move since Jan. 10, when a surge in outflows of about $280 million was followed by a 13 percent correction in Bitcoin’s price to $78,700 from $90,000 within two weeks.

The report also said the latest selling differs from the uneasy supply-demand conditions seen at that time. Such whale movements can raise investor concerns, but an analysis said past cases were closer to “measured profit-taking” than “chaotic capitulation selling.” That means large volumes can shake the market, but it is not a signal of panic selling spreading.

Glassnode indicators also leaned toward improved market absorption. As of April 9, the 30-day net position change of long-term holders remained a net increase of 88,000 BTC. That reversed a deep net outflow of minus 152,000 BTC recorded in February. It suggests the overhang of potential selling supply that had built up over the market has eased.

Holdings by accumulation entities also increased. Their total holdings rose above 4.3 million BTC on Tuesday and then increased to 4.5 million BTC on Thursday. It is read as a sign that coins from older wallets are moving to relatively stronger holders. As a result, the impact of selling from older wallets on the market could also decline.

Indicators often cited as signals of a market bottom were also presented. CryptoQuant analyst MorenoDV cited two key indicators that divide current Bitcoin positioning. First, the short-term Sharpe ratio fell to minus 40. He viewed that level as historically aligning with “major accumulation zones” in 2015, 2019, 2020, and 2023.

At the same time, the 30-day buy-sell pressure delta moved back toward neutral after passing through levels below minus 0.05, which indicate strong selling pressure. MorenoDV assessed this as “capitulation being completed.” He said forced selling is easing and demand is gradually recovering.

Signals remain that it is too early to conclude a resumption of the uptrend. An analysis said current readings sit “between confirmation of supply exhaustion and demand recovery,” and that the macro environment and liquidity flows will continue to influence the pace of this shift.

In the end, the focus is that while the whale sell-off warrants caution in terms of size, the market structure has changed from January. That is because long-term holder flows have turned to net increases and accumulation entities have expanded holdings. Bitcoin’s ability to hold the $70,000 to $72,000 range is emerging as a key variable that will determine short-term direction.