Amidst the current market conditions, it is observed that nearly 90% of Bitcoin's available supply is currently in a profitable state, indicating potential overbought circumstances. This situation could lead to a further decline in BTC price, possibly reaching as low as $60,000.

The dominant cryptocurrency, Bitcoin (BTC), is experiencing increased selling pressure, resulting in a 2% drop below $63,000 within the last 24 hours. Analysis of on-chain data reveals a decline in buy calls alongside a rise in sell calls, reflecting a growing impatience among Bitcoin investors.

The proportion of cryptocurrency supply currently in profit is determined by comparing the acquisition price of each unit with its current value, offering insights into the profitability of the circulating supply. Typically, a high percentage of supply in profit indicates that most holders acquired the asset at lower prices, a trend often seen during bullish market phases like the recent surge from October 2023 to March 2024.

Recent market trends have shown a notable decrease in BTC volatility, dropping from 70% to 50%. Looking forward, a potentially positive development is on the horizon with the upcoming launch of Hong Kong Bitcoin (BTC) and Ethereum (ETH) spot exchange-traded funds (ETFs) next week. This event is generating interest as it could attract institutional capital from Asia, potentially influencing market dynamics.

Following the recent Bitcoin halving event, there has been a notable selling pressure on the Bitcoin price. Analysis indicates that different Bitcoin holder groups employ distinct strategies. Large holders, known as "crypto whales" with holdings between 1,000 and 10,000 BTC, tend to sell early during price surges to secure profits without causing significant market disruptions. Conversely, smaller holders with holdings ranging from 0.01 to 10 BTC often maintain or increase their positions even after market peaks.

Medium-sized holders, managing 100 to 1,000 BTC, demonstrate a strategic approach to trading, anticipating market corrections and adjusting their positions accordingly. These holders exhibit a proactive and calculated investment strategy, responding swiftly to changing market conditions.