The main issue I have with this interpretation, is Deribit's exchange balance has NOT increased since 2022, so it has not been the receiver of this 'OG selling'.
As per data from both Glassnode and @SaniExp
The more likely reality, is we just had a lot of spot selling.
Jeff Park
@dgt10011
12-13
The One Chart that Explains Why Bitcoin Won't Go Up https://open.substack.com/pub/dgt10011/p/the-one-chart-that-explains-why-bitcoin?r=4e7rq6&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true…
To add to this, the 30-day sum of Deribit inflows is in yellow (hardly distinguishable from the zero-line).
The purple line is 30-day sum of onchain Realised Profit by Long-Term Holders (just the profit, not the total coin volume).
Contrast this to total inflows into Coinbase (light blue) and Binance (yellow).
Spot selling.
Options are important, but not that important (yet).
From Twitter
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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