The recent price movements of Bitcoin have created a sharp behavioral divide among its various groups of investors, and this may be a sign that the market is on the verge of a turning point. April 14 on-chain data showed contrasting signals from our different buyer types, while our broader market-flows analysis continued to point to a healthy appetite for BTC from regulated financial vehicles like spot ETFs. Investor behavior that deviates from the norm has, in the past, been linked with local tops—temporary price peaks that come before a correction or a consolidation phase. The current data is drawing
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