Whales View Bitcoin as Undervalued, Supporting Potential Bullish Momentum
CryptoQuant has observed that whales are holding onto their Bitcoin (BTC) holdings, perceiving its current price as undervalued.
This behavior is supported by declining selling pressure and a moderate Net Unrealized Profit/Loss (NUPL) level, indicating potential bullish momentum for BTC in the near future.
The Whale Ratio has also been falling, further bolstering this sentiment, while overall market dynamics remain mixed, emphasizing cautious optimism among traders.