The BTC VDD multiple continues to operate in the low range. What does this reflect? The selling pressure from long-term holders is limited, and distribution pressure is not increasing. The market is digesting the previous gains in a fairly healthy manner, without rapid profit-taking. This accumulation pace indicates that the current structural characteristics are still quite constructive—the market is gradually absorbing incremental supply rather than falling into panic selling. On-chain behavioral data supports this assessment.

BTC-0,14%
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