More BTC has gone back into centralized exchanges recently, while the amount of whales holding at least a thousand coins is rapidly decreasing. Are people preparing to buy a capitulation wick?
from YCharts, there were 233,892 daily transactions worth about $30 billion on May 8, which has been about the average since January.
Lead on-chain analyst at Glassnode “Checkmate” tweeted on Sunday “Many of you are waiting for the Bitcoin ‘capitulation wick’,” partially confirming the notion that investors expect BTC to continue to fall. A capitulation wick is usually characterized by a relatively long, sudden, and catastrophic drop in price, like the one witnessed on March 12, 2020, when BTC dropped 43% in a day to around $4,600.
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