BlackRock buying, retail selling may signal BTC trend reversal

An analysis suggests that downward pressure on Bitcoin is easing as BlackRock's accumulation coincides with reduced selling from long-term holders. Cointelegraph reported that over the past three days, BlackRock has acquired 9,619 BTC, worth approximately $878 million, bringing its total holdings to 780,400 BTC. In the same timeframe, Binance's Coin Days Destroyed (CDD) metric fell to its lowest level since 2017, signaling a sharp drop in exchange deposits of long-dormant BTC. Furthermore, on-chain data from the Spent Output Profit Ratio (SOPR) indicates that while new investors are selling at a loss, long-term holders remain profitable and have halted their activity. The Net Unrealized Profit/Loss (NUPL) is hovering around 0.3, a level that has historically preceded market recoveries. The analysis concludes that BTC is currently in a gradual trend reversal phase rather than a clear bull market.