TechFlow reported, EMC Labs released its March report indicating that investors began massive sell-offs starting February 26, leading to a decline in Bitcoin's price. The sell-off occurred in two phases: during the first phase, the price rose from $51,730.96 to $71,475.93; in the second phase, it dropped to $60,771.74. Overall, sellers locked in nearly $63.1 billion in profits.
The report suggests that selling pressure is weakening, signaling the imminent end of the bull market's first major sell-off and laying the foundation for the next phase of price increases. This large-scale selling ahead of the halving has cleared out substantial profit-taking positions, raised the cost basis of BTC, and will support future price appreciation—long-term investors should cautiously but actively take bullish positions.
