Bitcoin BTC/USD has been trading sideways over the past 30 days, prompting a debate about when the next strong trend will emerge.

What Happened: On-chain analytics firm CryptoQuant on Wednesday analyzed the sell-side pressure impacting Bitcoin over the past two weeks.

Contrary to popular belief, whales are not dumping.

Instead, short-term holders are driving the recent pullbacks, creating turbulence without substance.

The data from its Exchange Inflow Age/Value Bands shows that short-term holders are the main source, offloading an average of around 930 BTC per day, compared to just around 529 BTC/day from long-term holders, who remain largely unfazed.

The on-chain data…

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