The short-term $BTC holders are continuing to send coins to exchanges while realizing losses. This typically reflects fear, panic selling, or weak conviction after recent price declines. If these losses begin to decrease while Bitcoin holds its support, it suggests that the selling pressure is being absorbed and the market may be approaching a local bottom.

In simple terms, weak hands are exiting, leaving stronger hands to accumulate! 🤝
(Chart by Darkfost)