As Cointelegraph reported, research has highlighted Tuesday’s BTC price dip as coming from overleveraged traders who could not withstand selling pressure from young whales.
After the market cleared out those players, optimism has returned over more sustainable price gains.
For on-chain monitoring resource Whalemap, meanwhile, SOPR data likewise hints at the possibility of higher levels returning.
“SOPR around 1 in an up-trending market is good news,” staff commented on the metric’s current readings.
In private comments to Cointelegraph, the Whalemap team added that “a little bit more sideways” should first characterize the market before upside ensues.