Who is selling Bitcoin? Big whale or small investor? Published data

Cryptocurrency analytics firm CryptoQuant has shared notable data on Bitcoin selling pressure over the past 15 days. According to the company's review titled "Who Is Really Selling Bitcoin?", the majority of sales during the current correction came from short- and medium-term investors, not long-term investors. According to CryptoQuant's "Value group/age of participation" data: Short-term traders (STH) lead in sales, sending an average of 930 BTC to exchanges per day. In contrast, long-term traders are (LTH) selling at a lower level of just 529 BTC/day, indicating that long-term investors still maintain confidence in Bitcoin, while selling is due to short-term panic or profit-taking. As of April 1, daily sales amounts by wallet size are as follows: Bireysel Küçük Yatırımcılar (<1 BTC): 480 BTC/günSmall traders (1–10 BTC): 102 BTC/dayAverage investor (10–100 BTC): 341 BTC/dayLarge investors (100–1,000 BTC): 402 BTC/dayBalinalar (>1,000 BTC): Sadece 70 BTC/gün According to CryptoQuant's analysis, the recent selling pressure has not come from whales or long-term investors. The pressure comes from small and medium-sized investors and those holding short-term positions. This suggests that the current correction is a "shake-up", that is, the elimination of panicked small investors.