Analysts say the bitcoin market may be entering a consolidation phase characterized by gradual selling by long-term holders. Bitfinex analysts say long-term bitcoin holders and large investors appear to be behind the recent bitcoin sell-off, both on exchanges and over the counter. Historically, long-term holders tend to sell their bitcoin holdings gradually during bull markets, especially when the market enters a consolidation phase - as we are currently seeing. The analysts highlighted the Bitfinex Hodler net position change indicator, which shows that large-cap holdings have been negative for the past nine days. The Bitfinex analysts added that the bitcoin exchange whale ratio continues to climb as more whales deposit balances on the exchange, and the two entities own more bitcoin than exchange-traded funds, clearly putting pressure on the market.