Bitcoin: Accumulation Dominates, Not a Mass Sell-Off

I think investors are currently more inclined to hold than to sell en masse. On-chain indicators — declining exchange reserves, accumulation by long-term holders, and muted realization events — point toward continued HODL behavior rather than maximal selling.

That said, selling is not absent: short-term traders and profit-takers still trim positions around rallies, and macro shocks or a break of key support could trigger larger outflows. The market is facing a mix of patient accumulation and tactical selling, not a full-blown exit.

I remain cautious about sharp volatility, but I see the prevailing behavior as defensive accumulation with episodic profit-taking rather than widespread capitulation.