Currently, in the past 24 hours, STH has transferred a staggering 60,000 $BTC to exchanges, which is even more extreme than when it was at the 98k level (back then it was just over 40,000 $BTC). This is happening much earlier than expected... Last time, the massive selling pressure appeared when STH was close to their average buy-in cost of 98k, but this time it’s happening a full $4,000 earlier. STH’s cost is just over 80k, meaning they started rushing to sell while still at a floating loss around 76k. The on-chain activity isn’t calm either, with extremely polarized sentiment showing up. If either side loses balance, we could see major volatility or a reversal play out at any moment! The pressure is on spot market bulls—although the big whales are clearly buying, fully absorbing this is proving to be very challenging.