Bitcoin Investor's Indecision Continues

Since the chart is "CVD by Order Size," it shows us who is driving the price. In other words, we see not only the direction but also the investor structure behind that direction.
In the lower panel, total CVD and almost all segments (retail, small, medium, large) have been trending downward for a long time. This indicates a significant selling pressure dominates the market. Purchases are mostly passive, and upward movements tend to be reactive. This structure alone suggests that the upward trend for #Bitcoin is weak.
While the Whale (1m–10m) CVD is noticeably rising, all other groups are declining. This divergence shows that small and medium investors are selling while whales are accumulating. This also indicates an accumulation process. It could even create a new bottom for whales to start heavy buying.
The mega whale line is almost flat (around 0). This is important because the largest investors are staying inactive. The final capital that will determine the market direction has not yet entered. This situation proves that the market is still indecisive. $BTC
While the price chart shows a slight recovery after a sharp decline, CVD remains in the negative zone and is weak. This discrepancy indicates that, although the price has stopped falling, there are no strong buyers behind it.
Especially during the decline, there are significant volume increases. This shows panic selling and liquidations are high, and that declines are opportunities for whales.
When these data are read together, they indicate that short-term selling pressure still persists, making upward movements weak and unsustainable. Downward risk continues. A further test of a bottom in the short term seems quite likely.
Chart: @ForeDex_Global
#advertisement or not investment advice.