EMC Labs: The first wave of selling BTC resulted in a price adjustment before halving, with sellers locking in profits of up to $63.1 billion

EMC Labs, a cryptocurrency investment research firm, released a March 2024 report titled "Bull Market Continues After Big Sells.". The report points out that according to on chain data analysis, investors began a large-scale sell-off on February 26th, and the first half of the sell-off was from February 26th to March 12th. BTC was in a buying driven period, with prices rising from 51730.96 to 71475.93 US dollars; In the second half of the sell-off from March 13th to March 31st (which has not yet ended), BTC was in a period dominated by selling power, with prices dropping from a peak of 73709.99 to $60771.74. From February 26th to March 31st, the seller locked in a cumulative profit of nearly $63.1 billion. By the end of March, the scale of the sell-off had significantly decreased, but still reached $1 billion, which led to a failed price rebound and a resurgence of decline in April.