Bitcoin's Bearish Dip Amidst Bullish Sentiment: On-Chain Data Reveals Long-Term Conviction

Bitcoin experienced a $70,000 sell-off following a brief surge. Despite negative news, sentiment remains stubbornly bullish due to strong long-term holder conviction, as evidenced by on-chain data showing over 50% of the supply remaining inactive. This indicates a belief in Bitcoin's continued growth, supported by anticipation of spot ETF approvals. Meanwhile, ether and other altcoins showed mixed price action, with ADA and SOL showing gains.