Bitcoin has come a long way from where it was just under one year ago, with the March 12th selloff sending the cryptocurrency to lows of $3,800 – from which point it has seen exponential upside growth.
One analyst is now noting that BTC’s days seeing sharp selloff events like this one are over, with its underlying market structure maturing at a rapid pace throughout the past several months.
The recent exodus away from BitMEX may be contributing to its stability, as the market is now being primarily driven by spot trading volume rather than margin volume.
There’s an on-chain metric that further bolsters this notion, with the Exchange Whale Ratio remaining incredibly low throughout the course of BTC’s parabolic uptrend.
This indicates that large investors have little interest in offloading their holdings, despite Bitcoin’s price currently trading just 10% below its all-time highs.
So long as large sellers don’t step up and start placing pressure on the crypto, it